Repos Energy India Pvt. Ltd, which operates the fuel e-commerce startup, Repos Energy, on Tuesday said it has raised Rs 56 crore (around $7.2 million) in a combination of equity and debt in a pre-Series A round from Ratan Tata, along with other undisclosed investors.
"Repos is a well-conceived project with good execution," the chairman emeritus of the Tata Group said in a statement after backing the startup for a second time.
The Pune-based startup plans to deploy the fresh capital in building its product line, expand into different Indian geographies. It will also deploy funds in the latest technologies such as internet-of-things (IoT), artificial intelligence (AI), and blockchain.
Founded in 2017 by Chetan Walunj and his wife Aditi Bhosale Walunj, Repos Energy facilitates doorstep delivery of diesel using “Repos mobile petrol pumps”. The company aims to set up an ecosystem to provide cost-effective solutions for rising demand in energy logistics.
At present, the startup is working on bringing renewable energy modes such as ethanol, methanol and biofuels on its mobile distribution network.
This is the second development in recent times among the online fuel retail space. Last week, doorstep diesel delivery startup, Humsafar announced plans to expand its services to 200 more cities in this fiscal with an aim to capture higher market share in the space. Humsafar also said it is looking to venture into the electric vehicle (EV) charging infrastructure business. The startup currently has a presence in around 100 cities across India.
“The world is moving towards a carbon-neutral future and Repos Energy is working towards this goal by bridging the gap between the supply and demand of fuel. Our ultimate goal is to make all clean forms of fuel available at the doorstep of our customers through an e-commerce platform. Currently, India’s infrastructure is heavily dependent on diesel, and it is our responsibility to use it sustainably. We will use this distribution network to bring clean and green fuels to the end users,” said Aditi Bhosale Walunj.
With a network of more than 2,500 mobile fuel pumps in over 220 cities across the country, the startup recently won the "National Startup Award for Innovation" by Prime Minister Narendra Modi for its involvement in developing IoT solutions for the energy distribution system in India.
“The concept of mobile energy distribution has been supported by the government, oil marketing companies, and original equipment manufacturers. And we want accelerate this journey of turning our dream to revolutionize the energy sector into a reality,” said Chetan Walunj, Founder, Repos Energy.