AI-focused logistics company, 'FleetX', secures pre-Series A funding
In an exciting development for the Indian logistics sector, fleetx.io, an AI-driven logistics platform, has recently secured Pre-Series A funding. The investment round was led by India Quotient, Let's Venture Angel Fund, and a group of angel investors, including Ajay Prabhu, Prashanth Susarla, Sajid Rahman, and Aditya Pratap Singh.
Launched in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, fleetx.io specialises in e-commerce logistics, freight, and last-mile delivery services. The startup aims to help its clients optimize their logistics operations using AI and predictive analysis.
The fresh funds will be used to improve services efficiently and cost-effectively, as well as for products and tech enhancements. fleetx.io plans to expand its operations to cities like Bengaluru, Kolkata, Gujrat, and Mumbai. However, the exact cities for expansion with the newly acquired funds are yet to be specified.
The logistics sector in India has been rapidly adopting new-age technologies to cater to the industry's growing needs. Other logistics technology startups in India include BlackBuck, Delhivery, and Rivigo. LetsTransport, a Bengaluru-based startup, also raised around $14.2 million in Series B funding, with Bertelsmann India Investments and Fosun International among its investors.
GreyOrange, another startup, uses AI-based robotic systems to automate routine logistics tasks at warehouses and fulfillment centers. In 2017, India was ranked second on the Emerging Markets Logistics Index, highlighting the country's potential in the logistics sector.
The adoption of cloud-based GPS tracking systems and radio-based frequency identifying software is common among logistics startups in India. fleetx.io currently has a team of around 30 employees, and previously raised an undisclosed amount of angel funding in January of this year.
The logistics startups in India are focused on providing efficient and cost-effective services, aiming to revolutionise the industry and meet the demands of the digital age. The investment in fleetx.io is a testament to the growing interest in the Indian logistics sector and the potential for innovation and growth in this space.
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