A.I. Takes Roots – Fleetx Fires It Up With Pre-Series a Funding
Artificial Intelligence is something that the industry has recently started to comprehend and not fully embrace it. There is still work to be done and lots of it, but there is a company that is striving to break boundaries by introducing a rehashed version of two diverse domains, A.I. and Logistics.
You heard it right. Founded by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra, Fleetx is a product of perseverance and an idea that is poised to create waves in the industry.
Fleetx has rounded up a pre-series A funding of an undisclosed amount through four angel investors from India Quotient and Lets Venture’s Angel Fund. The Company has planned on using it to increase their product diversification, tech enhancement and also increasing their footprint across the country.
The Company offers a myriad range of software products to help clients to determine, monitor and accordingly amend and optimize their day to day logistics operations. The one thing which they have incorporated here is the concept of Artificial Intelligence which makes it a whole lot better, making it efficient and better than the rest of the heap.
Fleetx focuses on saving up 10-15% of monthly logistics operations that are sometimes wasted up owing to operational costs for clients and other fleet owners. Many of the clients are basically fleet owners that cater to bulk operations and they are focusing on improving the core part of the operations for them. They work on a subscription model that is rated per vehicle. Fleet owners can pay the amount on a quarterly or annual basis, and the pricing options would be there accordingly.
As of today, the Gurugram based startup has taken up close to $1 million dollars of funding, and the team is hungry for more after their recent funding. Since its inception in 2017, close to 200 fleet owners have subscribed and using the application to its complete extent which is a great achievement in such a short span of time. By this year, they have mapped an estimated return value of 10 times the original.