Homegrown doorstep diesel delivery startup The Fuel Delivery and software-as-a-service firm Nexxio have raised early-stage funding, the companies said on Tuesday.
The Fuel Delivery has raised $2 million (around Rs 16.4 crore) in its pre-Series A funding round from Singapore’s Drake Trade and Investment.
The startup plans to use the funds to enhance and upgrade its Internet of Things (IoT)-enabled and tech-based platform. It will also deploy the capital to expand into new geographical territories.
The Fuel Delivery supplies fuel to over 1000 customers in more than 38 cities across India. These clients include corporates and IT parks as well as healthcare and hospitality firms, real estate and infrastructure development companies, banking and education institutes, and warehousing and logistics companies.
Bangalore-based Nexxio has raised $375,000 (nearly Rs 3 crore) in its pre-seed funding round led by Malpani Ventures.
The round also saw the participation of angel investors, including Aniketh Jain, Ashish Agarwal, Sumit Agarwal, Shubham Agrawal, and Malay Krishna.
Nexxio, which operates a business-to-business digital platform for Indian consumer goods brands to digitise, automate, and optimise their sales and distribution operations, plans to use funds to expand market presence and enhance platform's features and value-adds for its target customers.
Nexxio was founded in 2020 by Dhiraj Bhandari. The company claims that its platform processes over 2 crore b2b transactions per year. It counts several small and medium Indian brands in its clientele including, TTK Prestige, Nilkamal Plastics, EagleCoats, KaveriPlasto, Sturlite, Elica Whirlpool, Servokon, Neoseal Adhesives, Sonet Sanitaryware, etc.
“While traditionally Indian companies have been reluctant to pay for software, there has been a definite shift post-Covid. Business owners have realized the need for platforms that improve business productivity via real-time data and insights - Dependence on manual processes represents a real risk for businesses,” Malpani Ventures said in a statement.
