IndiaMART, a B2B marketplace in India, has announced an investment of Rs 91.42 Crores in Fleetx Technologies Private Limited (‘Fleetx.io’).
As part of the transaction, IndiaMART has agreed to acquire shares via a mix of primary and secondary share purchases, and its final holding post the round shall stand at 16.53%.
Fleetx.io has raised a total of Rs.145 Crores in this round, led by IndiaMART along with participation from existing investors IndiaQuotient and BEENEXT.
Fleetx.io is an freight and fleet management software which helps both fleet operators and businesses to digitise their operations and helps them improve safety, efficiency and sustainability of their vehicles and operations. By harnessing IoT and machine learning, fleetx is enabling digital transformation of logistics industry and helping all stakeholders get actionable insights and improve their operations.
Speaking about the investment, Dinesh Agarwal, founder and MD of IndiaMART said “Supply Chain Visibility is a critical yet underserved problem faced by Indian businesses and Fleet Owners. FleetX has been able to validate and scale an innovative IOT and SaaS based solution to this problem. Moreover, they have been able to successfully develop and cross sell solutions for various other pain points felt by businesses across their supply chain, such as theft prevention and asset utilization. Vineet and the rest of the Fleetx team are experienced professionals with rich experience in working together to deploy technology at scale, and we are excited to partner with them for their next phase of growth. ”
Commenting on the fundraise, Vineet Sharma, CEO and Co-founder of Fleetx.io said, “We are thrilled to onboard IndiaMART in our mission to increase safety, efficiency and digitisation in the logistics and transportation industry. We also want to thank our existing investors for their continuous belief and support in our mission. Customer is the center of our mission and this investment will enable us to keep innovating on behalf of our customers, taking our product leadership further ahead and taking it to global markets. We will be utilizing the investment primarily for talent acquisition, enhancing product and technology and scaling GTM capabilities Logistics & Transportation is a backbone for any economy across the globe and has been running on manual processes, with siloed systems and spreadsheets with no real time visibility. The digital transformation in the logistics industry is just getting started with penetration level is still less than 10% in developing countries. Covid has exposed the fragileness in the supply chain industry and created an urgency for freight digitization, prompting Gartner to predict that 50% of leading global enterprises will have invested in real-time transportation visibility solutions by 2023. We are building an end-to-end platform to solve the opaque operations and siloed systems through technology and helping customers to visualize their physical logistics operations in real-time, on one integrated platform”.
“Fleetx was one of India Quotient’s first few SaaS investments when we realized that Indian businesses will begin to adopt softwares. From sales to fleet owners (transport sector) in the beginning, they have scaled the product to fit many industries such as FMCG, Automotive, Cement, Iron & Steel and E-com etc. Today 70% of their revenue comes from mid to large customers. Logistics & Supply Chain SaaS is a massive market globally and Fleetx, growing more than 100% YoY, will soon enter other SEA countries” Said Gagan Goyal, Partner at IndiaQuotient
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