SaaS fleet and logistics management platform Fleetx.io is gearing up to secure over Rs 100 crore ($12 million) in its Series C funding round, as per reports.

Fleetx aims to secure more than Rs 100 crore in its Series C funding round, primarily from current investors. Approximately 60-70 percent of the overall amount will be gathered as primary capital.

Established in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, Fleetx offers various IoT and software-based solutions aimed at assisting fleet operators and industries in digitizing their logistics operations.

The startup located in Gurugram secured $19.4 million in its Series B funding round, which was led by IndiaMart and included participation from IndiaQuotient and BEENEXT in February 2022.

IndiaMart and BEENEXT are expected to join the round, which is projected to value Fleetx.io at approximately Rs 1,200 crore. The secondary element will offer exits for initial supporters, such as angel investors, according to reports.

Reports suggest that the agreement's details have been settled, and if all goes according to plan, the round will be made public shortly.

As per data from the startup intelligence platform TheKredible, BEENEXT was the most significant external stakeholder in FleetX during the Series B round, with India Quotient and IndiaMart following.

Also Read: AI Insurgence Perforating New Chapter in Academia

For the fiscal year concluding in March 2024, Fleetx announced Rs 56.58 crore in operational revenue compared to Rs 41.63 crore in FY23. The firm succeeded in reducing its losses by over 55 percent to Rs 24.21 crore in FY24, down from Rs 54.33 crore in the last fiscal year. It has not yet submitted its annual report for FY25.