New Delhi, August 1, 2023: Singapore’s Drake Trade and Investment Pte. Ltd., today announced an investment of $2 million in the India based doorstep diesel delivery company, The Fuel Delivery (TFD) for an undisclosed equity. Along with equity investment, Drake Trade will provide additional working capital facilities to TFD. This investment is part of Pre-Series A funding for The Fuel Delivery.
The Fuel Delivery operates to over 1000 customers in more than 38 cities across India. The company supplies fuel to various sectors such as Corporates & IT Parks, Healthcare & Hospitality Sector, Real Estate & Infrastructure Development Companies, Banking & Education Institutes, Warehousing & Logistics companies.
Mr. 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 in vast experience in building businesses, helping them grow.” The Fuel Delivery will utilize these funds to enhance and upgrade their IoT-enabled and tech-based platform, for expanding new geographical territories and marketing. “We believe this association will prove to be a game-changer for us and create an even better experience for our consumers”, added Mr. Mathur.
The Fuel Delivery has been in operations since the past 30 months and have raised $1 Mn as Angel fund at the outset. “The Fuel Delivery has grown at a rapid speed of 120% YOY from the last 2 years. We have committed ourselves in a domain that is critical for the growth of the digital economy in India, as well as developing a comprehensive service ecosystem to support its expansion.” – said Mr. Geoff Rowland, Director Drake Trade & Investment Pte Ltd.
With this influx of funds TFD is expected to create a new benchmark in its third year of operations. In addition, TFD should also be looking at creating its global footprint in the near future” said Mr. Deepayan Mohanty, a global supply chain industry veteran and now a stakeholder in TFD.
The over Rs 2,000-crore door-step diesel delivery service market in the B2B segment is increasing further, owing to the growing needs. Since the beginning till date, TFD has almost become a national company with presence in almost all metro cities. The company primarily serves the B2B segment where businesses consume diesel to run their business operations. The company will be foraying into Gas & EV space soon and with current investment, also plans to go International using this model as plug & play.