Gurugram-based AI-driven logistics platform, fleetx.io has recently raised an undisclosed round Pre-Series A funding from India Quotient and Let’s Venture Angel Fund. The funding round had seen participation from angel investors like Ajay Prabhu, Prashanth Susarla, Sajid Rahman and Aditya Pratap Singh.
fleetx was launched in 2017, by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra. The firm offers a suite of software-based products that would help fleets of all sizes to monitor and optimise their daily logistics operations. The firm uses AI and predictive analysis, in order to help them improve their services efficiently, and cost-effectively.
The startup is looking forward to use the fresh funds towards products and tech enhancements, and also drive expansion in cities like Bengaluru, Kolkata, Gujrat, and Mumbai. The present strength of fleetx is around 30. Previously, fleetx had raised an undisclosed amount of angel funding in January this year.
How is India Faring?
Earlier in 2017, India was ranked second on the Emerging Markets Logistics Index. The startups operating out of this genre have always adopted new-age technologies, that had brought in cloud-based GPS tracking systems, radio-based frequency identifying software, to cater to the needs of logistics.
Other startups like GreyOrange, have been using AI-based robotic systems that can automate routine logistics tasks at warehouses and fulfillment centers of large e-commerce and retail firms.
Also, Bengaluru based LetsTransport had raised around $14.2 million in Series B funding from Bertelsmann India Investments, Fosun International, and other investors. There are other similar technologies like BlackBuck, Delhivery, Rivigo, thus catering to e-commerce logistics, freight, and last-mile delivery services.