North AfricaStartups

During the 1st year of operations: Octane fuel sales hits EGP 1bn in 2023

Cairo, Egypt – 21st January 2024

Octane, the leading fleet management and digital fuel payments’ startup, announced significant fuel sales amounting to EGP 1bn in the 1st year of operations. The fuel sales were accomplished through processing over 800,000 transactions and fueling 75,000 vehicles from more than 500 clients in various sectors within just one year of its operations.

Amr Gamal, Co-Founder, and CEO of Octane, said, “Octane team is on a mission to reshape the fleet payment industry in Egypt and the Middle East. Delivering an all-time record of EGP 1bn in our first year of operations is a testament to how big the fuel payments problem for companies is and proof that Octane has successfully solved this problem via its seamless and AI powered fraud control and structured solution which has helped 500+ customers save 35% from their annual fuel expenditure.”

“As we step into 2024, Octane remains committed to transforming the fleet management and vehicle payments industry and to introducing groundbreaking products and features that will revolutionize the landscape in Egypt and the Middle East.”, added Gamal.

Octane is a digital system for vehicles, it enables companies to save, track and optimize fleet expenses. It offers a secured digital monitoring process to track the fuelling operations and offers the best prices for services, lubes, spare parts and tires, in addition to a wide range of products for vehicles.

Octane has the largest and strongest coverage network, offering services at 2,400 gas stations owned by 7 local and international fuel providers across Egypt, spanning from Safaga and Downtown to Western Desert, Eastern Desert, and East Owainat.

Ziad ElAdawy, Co-Founder and CCO of Octane, expressed: “I am proud and honored for such a pivotal achievement for Octane. Our comprehensive system which controls fuel expenses and facilitates digital payments for daily fleet operations also provides fleet performance analytics through live monitoring, in addition to our focus on delivering top-notch customer service and the efforts of our dedicated team, were the main reasons behind this great achievement”.

Regarding how Octane application manages the fleet operations, Hatem Farag, Co-Founder and COO of Octane, explained that this process is carried through a direct control panel that allows transferring balances between cars, from and to companies, and a direct control panel for changing the pin codes of cars, in addition to a manual entry portal ensures that all refueling transactions are monitored in the system, even if they occur outside of Octane’s network, stressing that this process prevents all fraud and manipulation.

Octane’s client portfolio includes public and private sectors in various fields with more than 75,000 vehicles under its management, including but not limited to: Ministry of Electricity and Renewable Energy, ElSewedy Electric, Mwasalat Misr, Super Jet, B.TECH, Travco, El Araby Group, GO Bus, Abou Ghaly Motors, Coventry University, Danone, Wadi Food, Lactel and Family Corporation.

It’s noteworthy that Octane has garnered two prestigious awards: “The Rising Entrepreneur of the Year” at Egypt’s Entrepreneur Awards and the “Best Emerging Digital Wallet for Fleet Management” by the International Finance Magazine in recognition of its continuous efforts in 2023.

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