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Nawgati is a startup founded by Aryan Sisodia, Vaibhab Kaushik, and Aalaap Nair, three young entrepreneurs from Noida, India. The company is focused on solving the problems faced by customers and dealers in the fueling industry through their two products, Nawgati fueling app, and Aaveg dashboard.
The Nawgati fueling app provides customers with information about the nearest fuel station, ensuring they don't waste time searching for one. The app also addresses issues like incorrect mileage readings and other such small factors that customers face while refueling. On the other hand, the Aaveg dashboard is a subscription-based dashboard that provides real-time traffic and activities of attendees, along with other security measures. The dashboard is connected to CCTV and dispensers and can show the current status of everything.
Nawgati has a mission to solve the problems faced by customers and dealers in the fueling industry. The company aims to provide innovative solutions that can make the fueling process more efficient, convenient, and secure for customers.
One of the main objectives of the Nawgati fueling app is to provide customers with information about the nearest fuel station, thus reducing the time and effort required to find one. The app also aims to address issues like incorrect mileage readings and other small factors that customers often face while refueling.
The Aaveg dashboard, the other product offered by Nawgati, aims to provide real-time traffic and activities of attendees, along with other security measures. The dashboard is connected to CCTV and dispensers, enabling customers to monitor everything related to their fueling experience from one place.
The target market of Nawgati includes customers and dealers in the fueling industry. The company's aim is to provide solutions that can make the fueling process more efficient and convenient for customers, while also addressing the challenges faced by dealers.
The Nawgati fueling app targets customers who are frustrated with spending time in refueling, and want a more convenient and hassle-free experience. The app is particularly useful for customers who are new to an area and are not familiar with the location of fuel stations. The app also targets customers who are concerned about the accuracy of the mileage readings provided by fuel stations.
The Aaveg dashboard, on the other hand, targets dealers who want to improve the efficiency and security of their fueling stations. The dashboard provides real-time traffic and activities of attendees, which can help dealers manage the flow of customers and reduce waiting times. The dashboard also provides other security measures, such as CCTV monitoring, which can help dealers prevent theft and other incidents.
In terms of business model, Nawgati offers two products, the Nawgati fueling app and the Aaveg dashboard. The Nawgati fueling app is free for customers to download and use. The Aaveg dashboard is a subscription-based service that dealers can subscribe to for a fee. The startup has partnered with leading players in the fueling industry, such as Indraprastha Gas Company and IndianOil Company, to promote their products.
Nawgati has also raised 1.8 crore Indian rupees at a valuation of 33 crore Indian rupees from investors, incubators, and advisors. The startup's equity distribution model is divided between its three founders and its investors, with the founders holding the majority of the equity.
Nawgati charges a subscription fee per station per month, which ranges from 5000 rupees to 25000 rupees, depending on different factors such as the congestion rate, hydro testing, transaction billing, etc.
In September, Nawgati had monthly sales of 4 lakhs rupees. For this financial year, Nawgati is projecting revenue of 2.5 crore rupees. Furthermore, Nawgati is projecting financial sales of 50 crores for the year 2023-24.
However, it is also important to note that Nawgati burned 6 lakhs rupees last month and plans to spend 15 lakhs rupees in the next two months.
Nawgati, seeking a funding of 67 lakh rupees for 2% equity on Shark Tank India, received an offer from Aman and Amit for 67 lakh rupees in exchange for 3% equity in the company.
The owner of Nawgati initially asked for 67 lakhs for a 2% equity stake, which prompted the offer from Aman and Amit. They offered the same amount but for a higher equity stake of 4%. However, the pitchers made a counteroffer for 2.5% equity, which prompted Aman and Amit to counter again with an offer of 67 lakhs for a 3% equity stake.
Ultimately, Nawgati accepted the offer from Aman and Amit for 67 lakhs in exchange for a 3% equity stake. This deal would provide Nawgati with the necessary funds to grow its business and expand its market share. The equity stake will also give Aman and Amit some control and decision-making power in the company.
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