The Fuel Delivery (TFD), a doorstep diesel delivery startup, declared that it has raised $2 million in funding from Singapore-based Drake Trade and Investment Pte. Ltd. The firm refused to reveal the valuation at which the funding was raised. The startup said it will utilize these funds to enhance and upgrade its IoT-enabled and tech-based platform on marketing and to expand into new geographical territories.

“In addition to the investment, Drake Trade will provide additional working capital facilities to TFD,” the startup said in a statement. Fuel Delivery serves over 1,000 customers in more than 38 cities across India. The company supplies fuel to various sectors, such as corporates and IT parks, healthcare and hospitality, real estate and infrastructure development companies, banking and education institutes, warehousing and logistics companies.

“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,” said Rakshit Mathur, founder, and CEO, The Fuel Delivery. “We believe this association will prove to be a game-changer for us and create an even better experience for our consumers,” added Mathur.The Fuel Delivery has been operational for 30 months and had raised $1 million in angel funding.

The Fuel Delivery has grown at a rapid speed of 120% year on year from the last two years. We have committed ourselves to 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 Geoff Rowland, director, Drake Trade & Investment Pte Ltd. The company primarily serves the B2B segment, where businesses consume diesel to run their business operations.