GAIL Ltd. Backs Nawgati Fuel Aggregator through PANKH Initiative
Friday, 05 January 2024, 17:16 IST
GAIL (India) Ltd., the premier gas refining PSU in the country, has committed an investment of INR One Crore as part of its PANKH initiative in Nawgati, an innovative fuel aggregator startup based in India. This collaboration is set to be instrumental in supporting Nawgati's primary objectives for the upcoming year, including the digital transformation and enhancement of the entire fueling process for pump operators, companies, and end-users, thereby enhancing the overall industry experience. Additionally, it will offer Nawgati access to valuable insights and industry guidance.
The financial support from GAIL, as part of their prominent initiative 'PANKH,' is geared towards bolstering promising startups and nurturing innovation within the energy sector. This funding will enable Nawgati to enhance its technology and expedite expansion initiatives. This significant investment not only reflects GAIL's trust in Nawgati's potential but also emphasizes the government's strong commitment to addressing the increasing demand for digitizing the fuel sector, improving the overall fueling ecosystem, and alleviating congestion on a substantial scale.
The Noida-based startup plans to use the funds raised to accelerate its expansion efforts. The primary focus of Nawgati will be onboarding 2,000+ fuel stations onto their retail operations platform, Aaveg. It is a vertical SaaS offering that provides comprehensive oversight of each fuel station on a dashboard, with real-time movement, and under or over-utilization of resources – allowing end-users to make data-backed intelligent decisions.
Commenting on the successful fundraising, Vaibhav Kaushik, Co-Founder, and CEO of Nawgati, said, "We are thrilled to be recognized by India’s leading PSU, GAIL. This collaboration will further our purpose of simplifying India’s fueling experience by allowing us to expand our services, improve consumer convenience, and equip fuel pump stations with our cutting-edge technology across India. By making processes more efficient and effective, we will not only help our customers increase their top line or decrease their bottom line but also add transparency for the fuel end-consumers and lower congestion at scale".
Nawgati's inventive solutions, namely Aaveg and the Nawgati Fueling App, have captured the interest of both investors and industry experts. From its establishment, Nawgati has secured funding from various sources, including PIED Society (incubator at BITS Pilani), BITS Spark, MeitY’s Startup Hub TIDE 2.0 scheme, and the Department of Science & Technology through the NIDHI Seed Support Scheme. Additionally, Nawgati has garnered support from MapmyIndia and All in Capital, further solidifying its commitment to revolutionize and enhance the fuel industry.
Nawgati plans to broaden its platform by incorporating a variety of fuel outlets, transforming it into a versatile, fuel-agnostic platform. This expansion encompasses not only CNG or petrol pumps but also includes charging stations for electric vehicles. Nawgati envisions extending its innovative solutions to a global audience and aims to onboard 15,000 fuel outlets within the next two years.
The financial support from GAIL, as part of their prominent initiative 'PANKH,' is geared towards bolstering promising startups and nurturing innovation within the energy sector. This funding will enable Nawgati to enhance its technology and expedite expansion initiatives. This significant investment not only reflects GAIL's trust in Nawgati's potential but also emphasizes the government's strong commitment to addressing the increasing demand for digitizing the fuel sector, improving the overall fueling ecosystem, and alleviating congestion on a substantial scale.
The Noida-based startup plans to use the funds raised to accelerate its expansion efforts. The primary focus of Nawgati will be onboarding 2,000+ fuel stations onto their retail operations platform, Aaveg. It is a vertical SaaS offering that provides comprehensive oversight of each fuel station on a dashboard, with real-time movement, and under or over-utilization of resources – allowing end-users to make data-backed intelligent decisions.
Commenting on the successful fundraising, Vaibhav Kaushik, Co-Founder, and CEO of Nawgati, said, "We are thrilled to be recognized by India’s leading PSU, GAIL. This collaboration will further our purpose of simplifying India’s fueling experience by allowing us to expand our services, improve consumer convenience, and equip fuel pump stations with our cutting-edge technology across India. By making processes more efficient and effective, we will not only help our customers increase their top line or decrease their bottom line but also add transparency for the fuel end-consumers and lower congestion at scale".
Nawgati's inventive solutions, namely Aaveg and the Nawgati Fueling App, have captured the interest of both investors and industry experts. From its establishment, Nawgati has secured funding from various sources, including PIED Society (incubator at BITS Pilani), BITS Spark, MeitY’s Startup Hub TIDE 2.0 scheme, and the Department of Science & Technology through the NIDHI Seed Support Scheme. Additionally, Nawgati has garnered support from MapmyIndia and All in Capital, further solidifying its commitment to revolutionize and enhance the fuel industry.
Nawgati plans to broaden its platform by incorporating a variety of fuel outlets, transforming it into a versatile, fuel-agnostic platform. This expansion encompasses not only CNG or petrol pumps but also includes charging stations for electric vehicles. Nawgati envisions extending its innovative solutions to a global audience and aims to onboard 15,000 fuel outlets within the next two years.
