Partners with ICICI and IDFC Bank to automate fuel payments across 70% of India’s fuel network
India, 15 March 2022: Numadic, the Goa-based fintech solutions provider has collaborated with FASTag market leaders, ICICI and IDFC to empower over 80 lakh consumers with automated fuel payment solutions. Numadic’s Nu Fuel Pay solutions are being deployed in fuel stations starting with Maharashtra and is expected to reach 70% of India’s fuel retail network in the next 2 years. Numadic recently raised USD 2.5 million in a Pre-Series A funding round led by 9Unicorns and Venture Catalysts. In the two years since launch, the platform has grown to process nearly $1mn in vehicle transactions daily.
Numadic’s ‘Nu Fuel’ product integrates seamlessly with FASTag, a device that employs Radio Frequency Identification (RFID) technology to make in-vehicle payments directly. This integration has also made it the quickest mode to get refueled at a fuel pump in India. The platform is also expected to extend to India’s fast growing EV charging ecosystem, thereby delivering customer delight across segments.
Aprup Shet, Cofounder & VP – Partnerships said, “Our integration with FASTag for vehicle payments is unique, innovative, and establishes the potential to scale the business. Our vision is to remain steadfast in taking India closer to a world of autonomous mobility. Our industry-leading solutions will ensure quick turnaround times for end users, fuel station attendants, and allow cost reductions in payments to ‘undisrupt’ vehicle movement. Such initiatives not only bolster Government of India’s Digital India campaign but also enhance the customer experience for easy payments at retail outlets.”
FASTag has surpassed over 4.77 Crore users in India, reaching a penetration of 96 percent as per a recent notification. As you drive though any fuel station, there will be dedicated zones that have FASTag readers installed overhead or handheld devices that will scan the RFID code as your vehicle passes beneath them. The RFID code is detected for your vehicle, processed and the necessary amount is deducted from the prepaid balance.
Nu Fuel’s product capabilities include standalone or embedded FASTag fueling solution, closed loop multi-issuer bank support along with hardware and software solution integration. Apart from end-users, it also aims to simplify fuel transactions for oil marketing companies and fleet operators, consolidating their vehicle spending and tracking to achieve cost savings.
Cofounded by entrepreneurs Aprup Shet, Haston Silva, Karishma Shadiza, Yesh Surve and Luke Sequeira, Numadic is a vehicle interface platform that builds apps and APIs to enable autonomous vehicle payments. From vehicle identification, payments to document exchange, the platform powered by Numadic’s Goa-based technology team aims to deliver new-age fintech solutions to “undisrupt” the movement of people and cargo.