Piston Secures $7.5 Million Seed Round

Piston, a fintech startup, has successfully closed its seed funding round, raising an impressive $7.5 million. The most recent investment of $6.1 million was spearheaded by Spark Capital, with contributions from Pear VC and BOND. This follows a pre-seed raise of $1.4 million via the PearX accelerator.

Utilisation of Funds

The funds acquired will be directed towards bolstering go-to-market strategies and continuing the development of its network throughout the United States. Shivam Shah oversees operations in India, where all engineering, along with portions of operations and customer support, are managed.

About Piston

Piston was established by ex-fleet operators Vikram Sekhon and Shivam Shah. The startup innovatively replaces traditional card-based systems by offering a direct payment infrastructure linking fleet drivers directly to fuel stations.

Innovative Payment Solutions

The platform employs a QR code-based system that associates payments with vehicle data, time, location, and fuel information. Fuel stations can connect directly to Piston’s network with no additional hardware changes or middlemen involved.

Current Operations

Piston currently partners with over 120 fleets and 800 petrol stations, handling a remarkable annualised volume exceeding $20 million, boasting a substantial 50% monthly growth rate. Its main office is located in Cupertino, with additional operations in Lehi. Furthermore, the engineering and operations team in Kolkata, which comprises 25 members, is projected to expand in size over the next year.