Mumbai: 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.