JSA Advocates and Solicitors advised FleetX Technologies Private Limited on its Series C round of equity financing involving its existing investors, IndiaMART Intermesh Limited (Indiamart) and BEENEXT, through its Accelerate Fund, totalling to approximately $13 million. This round also involved a secondary acquisition of shares by Indiamart and Beenext in Fleetx.
The JSA team, led by Archana Tewary (Partner), along with Vidisha Shetty (Associate), helped facilitate the funding round.
JSA had also advised FleetX on their fundraise from IndiaMart in 2022.
The newly acquired funds will be utilized to accelerate product innovation and scale operations, particularly targeting mid-market and enterprise customers. Fleetx aims to double its annual recurring revenue (ARR) and achieve profitability within the next year, setting the stage for a potential IPO in the near future .
Fleetx offers AI and IoT-powered solutions for fleet management, fuel analytics, video telematics, transport ERP, and transportation management systems (TMS). Since its last funding round in early 2022, the company has experienced a 4x growth in scale and now serves over 2,000 clients across sectors such as cement, FMCG, mining, transportation, and manufacturing. Notable clients include Ultratech Cement, Unilever, Adani Group, Godrej, Vedanta, and Maersk
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