by Singapore-based investment firm Drake Trade has invested $2 million in Indian startup The Fuel Delivery (TFD), a doorstep diesel delivery company. The investment is part of TFD’s pre-Series A funding round.
TFD was founded in 2020 by Rakshit Mathur. The company provides diesel to businesses and individuals in India. TFD uses a technology platform to track and manage deliveries, and it also offers a variety of value-added services, such as fuel management and analytics.
The investment from Drake Trade will be used to expand TFD’s operations in India. The company plans to hire more staff, open new warehouses, and expand its reach to new cities.
“We are excited to partner with Drake Trade,” said Mathur. “Their investment will help us to accelerate our growth and reach more businesses and individuals in India.”
Drake Trade is a venture capital firm that invests in early-stage technology companies in Southeast Asia. The firm has a portfolio of over 50 companies, including a number of startups in India.
“We are impressed by the team at The Fuel Delivery and their vision for the company,” said James Tan, Managing Partner at Drake Trade. “We believe that they have the potential to be a leading player in the Indian fuel delivery market.”
The investment in TFD is a sign of the growing interest in the Indian fuel delivery market. The market is expected to grow rapidly in the coming years, as more businesses and individuals adopt the use of diesel.
TFD is well-positioned to capitalize on this growth. The company has a strong technology platform and a team with a proven track record. With the investment from Drake Trade, TFD is well-funded to expand its operations and reach more customers.
