Fuel Delivery is aiming to obtain USD 4-5 million in Series-A investment in order to grow into other areas.
The mobile app-based business, which was founded by city-based investment banker-turned-entrepreneur Rakshit Mathur during the initial wave of the epidemic last year, presently caters to B2B customers at their preferred locations throughout Delhi-NCR, Mumbai, and Bengaluru.
The diesel doorstep delivery services start-up provides fuel to a variety of industries, including corporate office parks, real estate, automotive, banks, hospitals, and schools, among others.
“We’re mobile gas stations.” We go straight to the customer’s location. With our IoT (internet of things)-enabled and tech-based platform, we provide ease and a lot of transparency to the supply chain,” Mathur told PTI.
Due to the pandemic, the over Rs 2,000 crore diesel door-step delivery service industry in the B2B segment is expected to expand even more, according to Mathur.
“We got approximately $1 million in startup investment and have already put almost 0.5 million of it into the firm.”
“We expect to receive at least USD 4-5 million in Series-A investment in the near future,” Mathur added.
He went on to say that the start-up has enlisted the aid of an investment banking business, which is assisting them with the process.
“We are just looking for somebody who knows this industry since e-commerce business does take a little bit of time to generate returns,” Mathur said, adding that the company is agnostic about whether the funds are domestic or foreign.
In the following months, he added, the company aims to expand its service networks to Chennai, Jammu, Kolkata, and Hyderabad, with an objective of supplying diesel worth Rs 100 crore this fiscal.
