Fleetx.io announced that it had raised $19.4 million in a funding round led by Indiamart, and existing investors such as IndiaQuotient and BEENEXT also participated in the funding round. The startup said that it would use the capital for hiring, improving its product, and expanding its business.

Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Mishra, Fleetx provides software-based products to help fleet operators industries digitise their logistics operations. The startup claims that by using its products, its clients improve the safety, efficiency and sustainability of their vehicles and operations. Some key use factors of its platform are real-time visibility, improved asset utilisation, theft prevention, fuel savings, and improved vendor performance, the company said.

The company operates across fast-moving consumer goods (FMCG), automotive, cement, iron, steel, and e-commerce industries. The company claims 70 per cent of its business comes from mid to large enterprises, and its business is growing 100 per cent year-on-year. “Supply chain visibility is an important yet underserved problem faced by Indian enterprises and fleet owners. Fleet validates and scales an innovative IoT and Saas-based solution to this problem. Hundreds of enterprises and SMEs in different sectors are currently using their product,” Dinesh Agarwal, founder and managing director of Indiamart, said.