The Fuel Delivery plans to raise $4-5 million via Series-A funding

The Fuel Delivery is looking to raise USD 4-5 million through Series-A funding to expand the business to newer markets.

Founded by the city-based investment banker-turned entrepreneur Rakshit Mathur amid the first wave of the pandemic last year, the mobile app-based platform currently caters to B2B customers at their chosen locations across Delhi-NCR, Mumbai and Bengaluru.

The diesel doorstep delivery services start-up supplies fuel to various sectors such as corporate office parks, real estate, automotive, banks, hospitals and schools, and institutions.

“We are petrol pumps on wheels. We go directly to the customers’ site. We bring convenience and a lot of transparency in the supplies with our IoT (internet of things)-enabled and tech-based platform,” Mathur told PTI.

The over Rs 2,000-crore diesel door-step delivery service market in the B2B segment is growing further, owing to the pandemic, Mathur said.

“We have raised a seed funding of around USD 1 million and have already invested almost 0.5 million of it into the business.

“We will look forward to our Series-A funding soon, where we will pick up at least USD 4-5 million,” Mathur said.

He added that the start-up recently roped in the services of an investment banking firm, which is helping in the process.

Stating that the company is agnostic of domestic or international funds, Mathur said, “We are just looking for somebody who understands this business as e-commerce business does take a little bit of time to give returns.”

He said the firm plans to expand service networks to Chennai, Jammu, Kolkata and Hyderabad in the coming times with the target to supply diesel worth Rs 100 crore this fiscal.

Currently, The Fuel Delivery caters to 108 customers across segments, which are expected to touch 200 by this fiscal, according to Mathur.

“All the machinery we supply diesel for requires lubes, so we are planning to partner with a lubes maker as well to provide everything under one platform,” he said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor