Drake Trade Invests $2M in Indian Startup, The Fuel Delivery
- ByStartupStory | August 1, 2023
Singapore-based investment firm, Drake Trade and Investment, has recently invested $2 million in The Fuel Delivery (TFD), an Indian doorstep diesel delivery company, as part of its pre-Series A funding round. The funding comes with undisclosed equity and will be utilized by TFD to bolster its IoT-enabled and tech-based platform, enabling the expansion into new geographical territories and enhancing marketing efforts.
Additionally, TFD plans to venture into the Gas and EV space in the near future and utilize the same model to expand its operations overseas. Alongside the investment, Drake Trade will also provide further working capital facilities to support TFD’s growth. TFD has been in operation for the past 30 months, catering to over 1,000 customers across 38 cities in India.
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