Home / Business and Economy / Piston Raises $15M to Revolutionize Fleet Payments
Piston Raises $15M to Revolutionize Fleet Payments
10 Sep
Summary
- Piston secured $15 million in Series A funding.
- The company offers cardless payment solutions for commercial fleets.
- Kolkata engineering hub is central to Piston's scaling efforts.
Piston, a US-headquartered tech startup with a significant engineering center in Kolkata, has successfully raised $15 million in a Series A funding round. FPV Ventures led the investment, with participation from existing investors Spark Capital and Pear VC. This capital infusion is earmarked for expanding Piston's innovative cardless payments network, advancing product development, and bolstering its hiring efforts.
The company's core offering connects commercial fleets with fuel and convenience store merchants, eliminating the need for physical cards. This system provides fleet owners with real-time visibility into fuel spending while offering merchants direct access to commercial demand and reduced transaction costs. Piston aims to achieve comprehensive coverage across all U.S. regions within the next 18 months, expanding its infrastructure beyond fuel payments into broader logistics payment solutions.
Founded by Vikram Sekhon and Shivam Shah, Piston has seen substantial growth, reporting an 8x increase in payment volume and a 40x expansion of its merchant network year-over-year, maintaining a 98% customer retention rate. The Kolkata engineering hub, established in April 2023, has grown to over 25 members and remains central to the startup's technology roadmap and scaling initiatives.
