With the rise in sales of e-commerce sites logistics business in India is also thriving. More and more startups are coming forward to provide efficient logistics management and services to companies. One such Company is Logistics Startup Fleetx.io that has recently raised $3 million in pre-series B round. The round was led by existing investors BEENEXT and India Quotient.
About Logistics Startup Fleetx.io
The startup was founded in 2015 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra. Their company aims to provide logistic services with the use of Artificial Intelligence. Software-based products of the company help in very smooth operations and help improve efficiency. It also helps the company cut down the costs of logistics.
The company has around 1000 clients at present, and their company and services are growing at a swift pace of 20% a month. Vineet, CEO of the company also claims that they have grown by over 6 times between 2018 and 2019.
Thoughts on the funding received
Talking about the funding, Vineet Sharma, CEO and co-founder, Fleetx.io said, “We are already at the pre-Covid growth numbers and see a significant demand surge for software and digitisation shortly. We will utilise these funds to tap on post-covid digitisation opportunities by strengthening our product/tech even further and expand our presence in India and other markets.”
This is the 2nd investment of the company raised this year. In February they received another Rs 10 crores in a Series A round led by BEENEXT. Commenting on the investment made by the Singapore based company Managing director of BEENXT said, “Fleetx has built a product which is conquering vertical by vertical in what many perceive a crowded space. The team consistently delivers world-class SaaS key performance indicators.”
Future Prospects
Logistics business in India has a huge future ahead. According to Inc42 Plus, the logistic department has grown by around 226% between 2014-18 in terms of funding. Seeing the huge growth and the $215 billion market size of the department there is a huge scope for logistics startups like Fleetx.io to prosper. Reports also suggest that by the end of 2020 the employee count in the logistics sector will increase from 22 Million to 40 Million.
With the effect of the pandemic slowly fading away and a rise in online shopping, we might see a steep rise in the logistics business in India. What are your thoughts on the same? Do let us know in the comments below. Also, if you found our content informative do like and share it with your friends.
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