Source: The Indian Express
Noida-based fuel aggregator startup Nawgati raised $2.5 million (INR 21.10 crore) in a Pre-Series A funding round led by angel investor Ajay Upadhyaya, which will help scale its fleet management offerings and speed up domestic and international expansion.
The round also saw participation from big names such as Vivek Mathur (former partner and COO at Elevation Capital), the Deepak Bhagnani family office, MeitY Startup Hub, Aamara Capital, and other strategic angels such as Sanjay Sharma (former MD at Accenture), Ashish Sharma, and Prithvijit Roy, co-founders of BRIDGEi2i.
“With this round, we are focused on deepening our presence in India and accelerating our entry into global markets,” Vaibhav Kaushik co-founder and CEO of Nawgati.
Strategic Use of Funds
The funds would be used to accelerate the solutions for fleet management, accomplish digital infrastructure improvements, and set foot in new geographical landmarks.
The company is also scaling its fleet offering, which is already live with Mahanagar Gas, to other major fuel companies, advancing its mission to deliver smarter, more connected solutions for fleet operators and fuel stations, it said in its statement.
Growing Market and Consumer Reach
Currently, Nawgati boastingly serves 1.5 million users via its Fueling App with real-time information on station amenities, fuel prices, and crowd levels. The company aims to increase the user base to 5 million by 2025, with better multilingual support across major Indian languages. The company targets onboarding 2,000 fuel stations in the next six months and scaling it to 20,000 by the year-end of 2025 from Tier 1 to Tier 3 cities. Existing partnerships are with Indian Oil Corporation (IOC) and Indraprastha Gas Ltd (IGL), with Gujarat Gas and Adani Gas in LTE talk process.
Previous Funding and Market Context
The present funding round follows a previous investment of INR 1 crore made by GAIL (India) Ltd under its PANKH initiative in January 2024. Nawgati also raised seed capital through a round in 2023 led by All in Capital.
According to a report by IMARC Group, the fleet management market in India was estimated at $1.2 billion in 2024 and is forecasted to cross the $3.0 billion mark by 2033, at a CAGR of 10.21%. Growth is aided by the usage of IoT and telematics, providing real-time vehicle tracking and operational optimization- a space in which Nawgati is innovating vigorously.
About Nawgati
Created in the year 2019 by Vaibhav Kaushik, Aalaap Nair, and Aryan Sisodia, Nawgati develops congestion management and compliance monitoring systems at fuel stations. There are also plans to incorporate electric vehicle charging infrastructure into its platform to provide a fuel-agnostic and scalable solution for an evolving mobility landscape in India.
