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

The Fuel Delivery is seeking to raise US $ 4-5 million through Series A financing to expand the business into new markets.

Founded by urban investment banker turned entrepreneur Rakshit Mathur in the midst of the first wave of the pandemic last year, the mobile app-based platform currently caters to B2B clients in their chosen locations in Delhi-NCR. , Mumbai and Bengaluru.

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

We are gas pumps on wheels. We go directly to the customer site. We bring convenience and a lot of transparency in supplies with our technology-based platform and IoT (Internet of Things), ”Mathur told PTI.

The market for diesel home delivery services of over 2,000 crore in the B2B segment continues to grow, due to the pandemic, Mathur said.

We have raised around $ 1 million in seed funding and have already invested nearly $ 0.5 million in the business.

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

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

Stating that the company is agnostic of national or international funds, Mathur said, “We are just looking for someone who understands this business because e-commerce takes a little time to give feedback.” extend the service networks to Chennai, Jammu, Kolkata and Hyderabad in the coming times with the objective of supplying diesel worth Rs 100 crore this fiscal year.

Currently, The Fuel Delivery is reaching 108 customers in all segments, which should reach 200 by this fiscal year, according to Mathur.

“All the machines we supply diesel for require lubricants, so we plan to partner with a lubricant manufacturer to deliver everything under one platform,” he said.

(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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