Fleetx Technologies Pvt. Ltd, a software-as-a-service based fleet management and analytics startup, has raised $2.8 million (about Rs 20 crore at current exchange rates) in a Series A funding round.
Singapore-based Beenext Opportunity Fund led the round. Existing investor India Quotient also participated, multiple media reports said, citing the startup.
Snapdeal founders Kunal Bahl and Rohit Bansal, LiFung Capital managing director Rajesh Ranavat and Temasek healthcare investments associate director Rohan Ranavat also put money in Gurugram-based Fleetx.
The startup was founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra. It will use the capital infusion for expanding its Indian and international presence, as well as strengthening its product and technological platform. It will also use the funds to acquire talent.
Sharma said Fleetx is aiming to build an “operating system” for the logistics and fleet industry that will allow customers to access the real-time visibility and status of their end-to-end operations.
The company’s platform will also help clients in reducing operational costs and increase productivity, Sharma added. Fleetx says it uses artificial intelligence, big data and predictive analytics to achieve its goals.
VCCircle has reached out to Fleetx on the details of the investment and will update this report accordingly.
According to its website, the company’s clients include UltraTech Cement, the MP Birla Group, DTDC, Saint-Gobain and Jubilant Lifesciences.
The Series A funding comes exactly a year after the startup raised an undisclosed amount in a pre-Series A round led by India Quotient and dealmaking platform LetsVenture’s angel fund. It had raised angel funding in 2018.
SaaS funding deals
The exponential rise in the valuations of SaaS startups such as Freshworks and Icertis has inspired investors to place more bets on the fast-growing segment in companies focussed on several sectors.
Last month, real estate-focussed platform MultiplyMyLeads.com raised an undisclosed sum from investors including Frontline Strategy Funds and SucSEED Venture Partners. Similarly, startups such as customer and product insights-focused SmartKarrot and consumer packaged goods-oriented Samya.ai raised funding in recent months.
Tookitaki, a firm that develops artificial intelligence-based sustainable compliance solutions for financial institutions, closed its Series A funding round in December last year, raising $19.2 million (Rs 137.4 crore) from investors including Viola Fintech and global venture firm SIG Asia Investment.