Singapore-based Drake Trade invests $2 Mn in The Fuel Delivery

Doorstep diesel delivery firm The Fuel Delivery (TFD) has raised $2 million from Singapore-based Drake Trade and Investment Pte. Ltd.

Along with equity investment, Drake Trade will provide additional working  capital facilities to TFD, the company said in a press release. This investment is part of pre-Series A funding for The Fuel Delivery. 

The Fuel Delivery has been in operation since the past 30 months and had raised $1 million in angel funding round.

The Fuel Delivery claims to cater to over 1,000 customers in more than 38 cities across India. The brand supplies fuel to various sectors such as corporates and IT Parks, healthcare, real estate, infrastructure development companies, banking and education Institutes, warehousing and logistics  companies.  

The startup primarily serves the B2B segment where businesses  consume diesel to run their business operations.  According to the company, it will be foraying into gas and EV space soon  and with current investment, also plans to go International using this model as plug and play. 

In June, Biofuel marketplace Buyofuel raised $550K non-dilutive capital via  Recur Club. FuelBuddy, one of the largest players in the space, raised $20 million led by Naveen Jindal Group and others in January this year.