Fuel Station App Nawgati with a 2.5 Lakh User Base and ₹67 Lakh Shark Tank Deal!

Nawgati is an innovative app for fuel stations that transforms how customers find fuel. It gives up-to-date information on nearby stations and their fuel availability, ensuring that users can easily access what they need. For station owners, Nawgati provides detailed insights about their customers, including vehicle identification numbers and updates on CNG kit license renewals. The app gained attention on Shark Tank India Season 2 by demonstrating a platform that allows fuel stations to manage customer appointments, helping to cut down on wait times at the pump.

Click here to visit their official website: Nawgati

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Aryan Sisodia, Vaibhav Kaushik, and Aalaap Nair started a company called Nawgati. Vaibhav graduated from the Birla Institute of Technology and Science in Pilani. He mentioned that his family owns a business and has been very encouraging about his new venture. Additionally, he has experience working as an intern at PayPal. Aalaap attended BITS with Vaibhav, and Aryan had a job at PayPal while Vaibhav was interning there. Aryan also gained experience as a software engineer at Microsoft.

Nawgati offers two main products. The first is the Nawgati fuelling app, which helps users find the closest fuel stations. Their second product, the Aaveg Dashboard, provides gas stations with real-time data on efficiency and safety through a subscription service. At the time of their pitch, they were collaborating with Indraprastha Gas and Indian Oil, with plans to partner with 13 additional companies.

Nawgati has achieved impressive numbers, with 600,000 downloads of their app, 125,000 monthly active users, and 15,000 daily active users. The Aaveg Dashboard operates on a subscription model, charging companies between ₹5,000 and ₹25,000 each month. In September 2022, their sales reached ₹4 lakh, and they expected to finish the year at ₹2.5 crores. For the financial year 2023-2024, they projected revenues of ₹50 crores.

They were in a seed funding round and had already raised ₹1.8 crores at a valuation of ₹33 crores. The company is currently spending ₹6 lakhs each month, which is anticipated to rise to ₹15 lakhs in the coming months as they aim to expand and hire more staff.

• Namitadoesn’t find the company interesting, so she chooses to leave.
• Peyushdoesn’t see any potential for technology in the business, which is why he also decides to exit.
• Anupambelieves that it’s going to be difficult to make money from this business, so he also backs out.

Then, two investors, Aman and Amit, decide they want to invest. They offer ₹67 lakh (which is 6.7 million rupees) for a 4% share in the company. The entrepreneurs (the people running the business) want to keep the same value they previously discussed for their company. However, the sharks refuse to accept that valuation.

The entrepreneurs then offer to sell 2.5% of the company instead, but the sharks turn that down as well. Finally, the sharks make a new offer of 3% of the company. The entrepreneurs agree to this offer readily, and they celebrate their agreement with a handshake.

In November 2023, Nawgati reported that they now have over 80,000 gas stations using their services and more than 1.2 million users (12 lakh is a term used in India for one million). This shows that their business is growing well.

In December 2023, Nawgati received support from the Indian government’s Ministry of Electronics and Information Technology through a program called TIDE 2.0. They successfully raised some initial funding (seed funding) from a company called All In Capital. This funding is important for startups as it helps them grow.

Vaibhav talked in an interview with Jagran Business. He mentioned that their presentation to the investors took 2.5 hours, which is quite long. He also expressed gratitude, saying that the sharks (investors) have been very helpful even after the show. For example, one of the sharks, Amit, has even provided assistance by involving his Chief Technology Officer (CTO) from another company called Cardekho.