The Fuel Delivery Secures Funding From Singapore’s Drake Trade To Offer Doorstep Diesel Delivery

The Fuel Delivery (TFD), a doorstep B2B diesel delivery company, has raised $2 Mn from Singapore’s Drake Trade and Investment Pte. Ltd. The Singaporean investor will provide further working capital to support TFD’s expansion plans.

The funds raised will be utilised to upgrade its IoT-enabled platform, expand into new geographical territories and bolster its marketing efforts. The startup’s growth plans extend beyond diesel as it is preparing to enter the gas and electric vehicles (EVs) space.

Fuel is classified as a grade B petroleum product by the petroleum ministry, and there are prescribed guidelines for handling the transport and storage of diesel. Fuel for personal and professional use is carried in plastic containers, barrels, and canisters, that can be risky. Here, startups like TFD come into play.

The startup, founded by Rakshit Mathur in 2020, had previously secured a $1 Mn angel investment. The Fuel Delivery serves businesses that rely on diesel for their daily operations. It claims to be operational in over 38 cities, catering to more than 1,000 customers in diverse sectors. The Fuel Delivery also has its app available on iOS and Android.

Speaking about the investment, Rakshit Mathur, founder and CEO of The Fuel Delivery, said, “We were looking for someone who understands this business, and Drake Trade is a perfect fit. They bring vast experience in building businesses and helping them grow.”

Geoff Rowland, director of Drake Trade, praised The Fuel Delivery’s commitment to fostering the digital economy in India and creating a comprehensive service ecosystem to support expansion.

The market for doorstep diesel delivery services in the B2B segment has been on a steady rise, now exceeding INR 2,000 Cr. Startups like FuelBuddy, Humsafar, and Pepfuels are a few that operate in this space in India.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.