The startup will use the funding to launch its flagship offering, Aaveg
Nawgati’s flagship product, Aaveg has been deployed at Indraprastha Gas Limited’s CNG outlets in Delhi NCR
Nawgati has a clear path to profitability and is on track to onboard all of the fuel companies in the country, according to the cofounder
Listed geotech unicorn MapmyIndia has invested an undisclosed amount in fuel aggregator startup Nawgati at a valuation of $4 Mn. The startup will use the funding to launch its flagship offering, Aaveg. The funding round was the first corporate funding round for the startup.
Founded by Vaibhav Kaushik, Aalaap Nair and Aryan Sisodia in 2019, Nawgati builds congestion management and compliance monitoring systems for fuel stations, helping fuel stations manage traffic and avoid congestion. Nawgati is incubated and supported by BITS Pilani’s incubator PIED Society, and the Ministry of Electronics and IT (MeitY).
Nawgati’s flagship product, Aaveg has been deployed at Indraprastha Gas Limited’s CNG outlets in Delhi NCR, according to Kaushik. The startup has also conducted pilot projects with Indian Oil and Mahanagar Gas. Kaushik also noted that Nawgati is also in talks with multiple other fuel companies for Aaveg’s deployment.
According to Nair, the startup is looking to help fuel stations with visibility over retail operations, actionable insights and frameworks to deal with inefficiencies, choke points and opaque processes.
Nair added, “Through our comprehensive fueling app, we intend to greatly enhance the fueling experience for end users, right from station discovery, to reduced wait times, payments, billing and reward mechanisms.”
Kaushik also stated that Nawgati has a clear path to profitability and is on track to onboard all of the fuel companies in the country. He added that the startup also has the first mover advantage and is creating a network of fuel stations exclusive to Aaveg.
Speaking about the funding, Kaushik said, “Nawgati’s vision is to provide end consumers with a seamless fueling experience and at the same time, complete operational oversight to fuel companies. The recent funding from MapmyIndia provides Nawgati with the necessary fuel to onboard all major fuel providers in the country.”
Rohan Verma, CEO & ED, MapmyIndia said, “Nawgati’s solutions complement MapmyIndia’s own Oil & Gas offerings such as geospatial analytics for sales and distribution planning, IoT-driven logistics optimisation, workforce automation and location and map-based consumer-facing apps. Together with Nawgati we look forward to accelerating digital transformation of the oil and gas sector, and helping consumers fuel up quicker and safer.”
Per its latest financial report, MapmyIndia saw its profit rise by 17.5% to reach INR 24.2 Cr in Q1 FY23. The startup’s operating revenue grew by 50.2% to INR 65 Cr in Q1 FY23 from INR 43.3 Cr in the corresponding quarter last year.
