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The Fuel Delivery planning to raise USD 5 million via Series A funding

Author : Pankaj Singh | Published Date : 2021-10-04 

The Fuel Delivery, a startup that focuses on delivering fuel at doorsteps, is reportedly planning to raise around USD 5 million through Series A funding to expand its reach into newer markets.
 

For those unaware, The Fuel Delivery was founded by Rakshit Mathur a city-based investment banker who turned into an entrepreneur during the first pandemic wave in 2020. The platform is currently catering to B2B customers at their preferred locations around Mumbai, Bengaluru, and Delhi-NCR.


The startup specializes in delivering fuel to various sectors, such as corporate office parks, automotive, real estate, hospitals, banks, schools, as well as institutions. According to Mathur, the firm has already secured USD 1 million and invested USD 0.5 million in the business, with additional plans securing USD 4 to 5 million in the Series A round.


Mathur intends to provide transparency as well as convenience during fuel supply using an IoT-enabled platform. Keeping the pandemic in mind, the founder added that the diesel door-step delivery service market from the B2B segment is worth over USD 280 million and is expected to showcase considerable growth in the ensuing years.


The Fuel Delivery has enlisted the support of an investment banking business, which is assisting them with securing the Series A funds. Mathur further claimed that the company intends to expand service networks to Hyderabad, Kolkata, Jammu, and Chennai in the forthcoming years, targeting a fuel supply worth USD 13.4 million this fiscal alone


The Fuel Delivery currently serves around 108 clients across various segments, with that number projected to rise to 200 by the year end. The firm is also planning to work with a lubes making company to offer a unified platform, since most machinery the company supplies to requires lubes.


Source credits:    

https://www.moneycontrol.com/news/business/the-fuel-delivery-plans-to-raise-4-5-million-via-series-a-funding-7537881.html

 

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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