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Funding

Drake Trade invests $2M in The Fuel Delivery

Singapore-based Drake Trade and Investment invested $2 million in The Fuel Delivery (TFD), an Indian doorstep diesel delivery company, as part of its pre-Series A funding round, with undisclosed equity.

TFD will use these funds to enhance and upgrade its IoT-enabled and tech-based platform for expanding new geographical territories and marketing. It will also foray into the Gas and EV space soon and expand overseas using this model as a plug-and-play.

Singapore’s Drake Trade will also offer further working capital facilities to the company. TFD has been operating for the past 30 months, serving over 1,000 customers in more than 38 cities across India.

Other news

Magenta Mobility appoints Vishal Sharma as National Head of Asset

Magenta Mobility, an electric mobility solutions provider, has named Vishal Sharma as its National Head – Asset, where he will collaborate with the company’s founders to devise and execute strategies aimed at maximising asset utilisation and enhancing operational efficiency.

With a career spanning over 14 years, Sharma brings expertise in fleet management, OEM relationships, and vehicle asset management. He has worked at Ola Electric, Ola Fleet Technologies, Hyundai, and Mahindra Navistar.

Alongside Sharma, Magenta Mobility recently appointed Satyen Sail as Mobility Business head and Shashank Sathe as CTO in its leadership team.

Magenta Mobility has secured $22 million from bp Ventures and Morgan Stanley India Infrastructure. The company recently launched in Pune and has operations in Bengaluru, Hyderabad, Mumbai, Mysuru, Delhi, Noida, and Gurugram.

Kintree appoints Vikram Lad as Co-founder and COO

Social app Kintree has appointed Vikram Lad as co-founder and chief operating officer to help the firm to further expand in the social entertainment space focusing on marketing, sales, operations, and investor relations.

Lad, an IIM Ahmedabad alumni with 18 years of track record in the media and entertainment industry, has worked with consumer-facing businesses such as ZEE Entertainment International, Disney STAR, and Chingari in the past.

He has worked in various leadership roles, where he played a vital part in scaling businesses to enhance valuation, revenue, P&L management, growth, and marketing efforts.

Kintree, an all-in-one platform for families, is currently available in 12 languages, with plans to incorporate international languages.

Thyrocare gets NABL accreditation for 9 more labs

Thyrocare has achieved National Accreditation Board for Testing and Calibration Laboratories (NABL) accreditation for nine more processing laboratories, bringing its total NABL-accredited labs across India to 18, representing 64% of its entire lab network.

Thyrocare also has accreditations from other national and international bodies like the College of American Pathologists, the International Organisation for Standardisation, and the National Glycohemoglobin Standardisation Programme.

Thyrocare, one of India’s leading diagnostic and preventive healthcare service providers, has a wide reach spanning over 2,000 cities/towns nationally and internationally. It has a team of more than 50 expert MD pathologists stationed across all their labs.

(This article will be updated with the latest news throughout the day.)