The Fuelled Story: Raj Singh Takes the 60 Second Founder
We sat down with Raj Singh, Founder and CEO of Fuelled, an “Amazon”-like Marketplace & SaaS Asset Management for Oil, Gas & Power Equipment based right here in Calgary.
In Episode 7 of the 60 Second Founder, we sat down with Raj Singh, Founder and CEO of Fuelled, an “Amazon”-like Marketplace & SaaS Asset Management for Oil, Gas & Power Equipment based right here in Calgary.
Modernizing A Resistant Industry
Picture industries like Oil & Gas and Mining. What do you see? Massive worksites housing hundreds of pieces of equipment. In the past companies would purchase these pieces of equipment brand-new from suppliers at full cost. This not only made for expensive purchases, but put these companies at risk of delays if the equipment was not shipped in a timely manner, and only made slower by supply chain bottlenecks.
After over a decade of seeing this sequence play out as a part of the industry, Raj Singh had an idea to help modernize the process, and thus: Fuelled was born.
“Our founding team worked in industry and saw the massive amount of friction around equipment”
Fuelled: Amazon for Oil, Gas, Power, and More
Between cost and efficiency, Fuelled’s entrance into the market focused on great benefits in two key components: instead of buying equipment at full-price, companies could purchase equipment at a much lower pricepoint, and the marketplace nature of Fuelled also allows for speed and efficiency, making them one of the fastest equipment suppliers in the market today.
Additionally, in some cases, ‘used’ simply means pre-owned - meaning companies could purchase a piece of equipment that has never been used for a fraction of the price.
Currently, Fuelled’s central marketplace has about 15,000 pieces of equipment listed and regular engagement with around 2,000 clients, including hundreds of large energy companies. Fuelled also allows for the consigning of items when sellers want support, or they can self-list if they have an internal sales function, all in the name of optimizing these selling processes.
“All this value was being wasted between companies not using equipment and companies next door that needed it.”
How Exactly Does Fuelled Work?
Think Amazon for equipment. Used equipment is common in these industries as every time companies upgrade/decommission sites or change targets, there ends up being an excess amount of equipment. When this occurs, Fuelled will send a member of their operations team to conduct an in-person inspection, and cross-reference the inspection data with that of their robust internal database to convey the quality of the equipment on the marketplace - providing the most accurate, tech-enabled data and allowing the market to decide from there.
The marketplace is especially useful for countries and companies that have longer views on asset lifespans and ability to take advantage of the lower prices that result from used equipment, though, as mentioned, Fuelled’s marketplace serves any and all who may need it.
“Our goal as the central marketplace is to serve everyone. This has been our mantra since the start.”
Canadian-Made; Canadian-Based
While Fuelled has expanded to be active in over 20 countries, including having a physical presence in the United States, Singh credits the great community of supporters and talent present in the Canadian market as a key contributor in their ability to do so.
Additionally, given the nature of Fuelled’s industry, building in Calgary allowed for access to incredible talent and connections in Oil and Gas, and being a part of a tech scene that has become more mature since Fuelled’s launch has been a rewarding experience for the company.
“Being Canadian and being locally-owned has let us avoid the natural noise that comes with building a fast-growing, tech-enabled platform company.”
What’s Next for Fuelled?
Never the loudest in the room, Singh assures that Fuelled will be grinding over the coming months and years - with announcements regarding the business or platform on the horizon - when the time is right.
“Same as the last few years. Picture us quietly grinding.”
The Founder Journey
Between his decade in the industry before Fuelled or the 12 years since founding the company, Raj Singh has a dearth of experience, and while he humbly doesn’t believe he’s in a position to be giving advice, his personal learning was one of risk appetite.
He believes that builders often underestimate risk appetite, and Fuelled would not be nearly what it is today without risk: whether it be overseas transactions, extensions of credit, or even investing in clients with personal funds; and even then, he believes that the company was still too slow in investing in certain areas of the business.
This learning, combined with a high accountability culture, has placed Fuelled as the premier destination for used Oil, Gas, and Power equipment.
“A lot of what we do is similar to any other company but our constant push on personal ownership is the one thing that is truly different”