In the field of logistics, there are many common things. Issues like cargo theft, drivers’ health, on-road accidents, losing documents etc are very normal and cause damage to both economy as well as property. FleetX, founded in 2017, is a company into logistics automation that uses IoT. While this technology did not replace manpower, it made the people manning the station more efficient, fast and better connected to the organisation. So, how did all this come together and how exactly does IoT help a logistics company? Vineet Sharma, CEO and co-founder at FleetX explains it to us.
How does IoT help in the logistics department? Please elaborate
IoT is the backbone of automation in logistics. If we need to automate various processes/operations in logistics, it requires a lot of data to make smart decisions. IoT plays a crucial role in getting the required data from various sources within logistics. IoT helps to collect data remotely without manual intervention.
Kindly brief on how you created the software and how much time did it take?
In 2017, when we were looking at the logistics and transportation industry, It was driven by archaic and siloed processes with low technology penetration. After talking to various industry stakeholders, we realized that the need for an hour was to build an AI-driven logistics automation platform that can help not only digitize the logistics and transportation industry using the IoT layer but also provide real-time actionable insights to the stakeholders. The founding team had experienced technology and product people and built the first version of the product within three months of the launch. Later, we keep enhancing the product based on feedback from the customers and as and when we identified the challenges which can be solved through the IoT and analytics layer.
How big is the company, the investors and the money invested so far?
We have served more than 1 lakh vehicles and currently working with 400+ large fleet owners and manufacturers. We are backed by Beenext, India Quotient, LetsVenture, Titan Capital, and some of the top angel investors in the country.
Which companies use your service and how long is the contract usually for?
Our ideal customer profile is typical commercial vehicle fleet owners with 20+ fleets and any manufacturing industry with a logistics function.
With driverless cars coming in, where do you see your company in the future?
I believe driverless vehicles in the commercial space will take a lot of time, especially in India. Even the countries like the US and Europe are still under trial for driverless vehicles and trying to solve the concerns regarding the deaths and crashes due to unpredictable anomalies in driverless vehicles. As far as FleetX is concerned, our data of Indian roads can still be used by OEMs for training the driverless vehicles as and when they come to India. Also, fleet management will still be the main concern for the owners of driverless vehicles, where FleetX will continue to solve using innovative solutions.
Please share some insights on the EV growth in India?
EV in India is picking up very fast especially on a 2W/3W space. However, there are some challenges regarding the charging infrastructure, EV fleet management, Cost of the vehicles, etc. FleetX has already taken a lead in solving the fleet management for electric vehicles and working with some big players in the EV space in India. We have developed some proprietary layers to extra the EV data from vehicles and use it for various interesting use cases which can help in improving the efficiency of EV fleets.