Ever thought of paying for your petrol with FasTags, if not, then startups like Numadic are steering us toward that exciting future where convenience meets necessity, especially in the realms of fuel consumption and the burgeoning electric vehicle (EV) revolution. In this article, we’ll fuel your curiosity about how Numadic is revolutionising the way we think about and pay for fuel and charging services with a groundbreaking solution: FasTag-enabled payments. This isn’t just another tech innovation; it’s a game-changer for drivers across India.
The Spark That Ignited a Revolution
Founded in 2016 by a visionary quartet – Luke Sequeira, Aprup Shet, Haston Silva, and Deepak Kasthwal, Numadic is the pioneer behind integrating FasTag technology into the fuel payment process. Recognising the inconvenience of traditional fuel payment methods, Numadic sought to streamline and simplify the process, making it as easy as a pit stop
Key to Numadic’s success has been its strategic partnerships with banking giants like ICICI Bank and IDFC, as well as major fuel corporations such as Indian Oil and Hindustan Petroleum. These alliances have not only legitimised the use of FasTag for fuel payments but have also significantly widened the reach and accessibility of this technology.
A Fueling Network Spanning 52+ Cities
Numadic’s solution is available in over 52 cities across India, boasting a user base of more than 2 million. The platform processes transactions worth $500 million annually, achieving $1 billion in transactions to date, showcasing the substantial impact and adoption rate of their innovative payment system. This widespread usage indicates a strong market demand for convenient and efficient fuel payment methods, especially among frequent travelers and commercial fleets.
With $3.5 million raised from forward-thinking investors, Numadic is not just resting on its laurels. The startup is gearing up to embrace the EV revolution, aiming to introduce FasTag payments at EV charging stations. This move is not just timely but essential, as the world shifts towards more sustainable modes of transportation. The integration of FasTag payments at charging stations represents a significant step forward in promoting the adoption of EVs by making the charging process as seamless as refueling.
Here are some key takeaways for aspiring entrepreneurs:
- Identify a Gap: Numadic saw a pain point (manual fuel payments) and devised a clever solution (Fastag integration). Remember, successful startups solve real-world problems.
- Embrace Partnerships: Collaboration is key! Numadic’s success hinges on partnerships with banks, fuel companies, and likely future collaborations with EV charging networks.
- Think Future-proof: The world is constantly evolving. By anticipating the rise of EVs, Numadic demonstrates a forward-thinking approach.
Numadic’s story is an inspiration for anyone looking to disrupt the status quo. With a data-driven approach, strategic partnerships, and a keen eye on the future, they’re proving that even in a traditional industry like fuel payments, innovation can reign supreme. So, the next time you’re at a fuel station, remember the pioneers at Numadic who are making your refueling experience faster, smoother, and ready for the exciting world of EVs.
Edited by Rahul Bansal
