Logistics Startup Fleetx.io Raises $2.8 Mn In Series A To Target Large Fleet Operators

#News(Startup) [ via IoTGroup ]

Fleetx cofounder and CEO Vineet Sharma tells us that funds will be used for expansion
Gurugram-headquartered artificial intelligence (AI)-driven logistics platform, fleetx.io, has begun the new year with a fresh round of funding from new and existing investors.
Contrary to unconfirmed reports today about FleetX raising INR 10 Cr, the company told us the funding amount is $2.8 Mn with participation from VCs and angel investors.
Talking to Inc42, Fleetx cofounder and CEO Vineet Sharma said that the company has raised $2.8 Mn in its Series A round of funding.
Prior to this round, the company has raised over $1 Mn from investors such as India Quotient and LetsVenture’s Angel Fund, with participation from angel investors — Ajay Prabhu, Prashanth Susarla, Sajid Rahman and Aditya Pratap Singh.
Sharma said that the fresh funds will be used for expansion in India and other markets as well as towards bulking up its product, technology and sales teams.
Founded in 2017 by Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra, Fleetx.io offers a suite of software-based products to help fleets of all sizes monitor and optimise their daily logistics operations.
Sharma told us that the company caters to over 1000 customers with its AI-driven fleet management software.
The company claims to also provide real-time actionable insights in logistics operations to large enterprise shippers and companies.
The logistics market in India has been fragmented for the longest time, even though in the last few years, several tech startups have identified the need to organise this sector.
In the context of the funding amount, the recorded growth rate between 2014 and 2018 for startups in the logistics sector is 226%, according to DataLabs By Inc42.

Read More..
AutoTextExtraction by Working BoT using SmartNews 1.02976805238 Build 26 Aug 2019