Piston Fuels a Revolution in Fleet Payments with $6.1 Million Seed Round
June 12, 2025, 5:23 am
Location: United States, California, San Jose
Employees: 51-200
Founded date: 2011
Total raised: $8M
In the fast-paced world of commercial transportation, every dollar counts. Fleet operators juggle numerous expenses, with fuel often being the second-largest cost after payroll. Enter Piston, a startup that aims to transform how fleets pay for fuel. Recently, Piston secured $6.1 million in seed funding, bringing its total to $7.5 million. This funding, led by Spark Capital and supported by Pear VC and BOND, will help Piston expand its innovative payment platform.
Founded by former fleet operators Vikram Sekhon and Shivam Shah, Piston is not just another tech company. It’s a solution born from frustration. The duo experienced firsthand the chaos of managing fuel expenses. They tried every available option, but nothing worked. So, they decided to create their own solution, free from the constraints of outdated card networks.
Piston’s platform is simple yet powerful. It allows commercial drivers to pay for fuel using QR codes generated by an app. This cardless system captures essential transaction details, including vehicle ID, location, fuel type, and timestamp. The goal? To enhance transparency and reduce fraud. Traditional fleet cards have long been criticized for high fees and limited oversight. Piston aims to change that narrative.
Currently, Piston serves over 120 fleet operators across more than 800 gas stations. The company processes an impressive annualized transaction volume exceeding $20 million, with a staggering month-over-month growth rate of 50%. This rapid expansion is a testament to the demand for a more efficient fuel payment system.
The benefits extend beyond fleet operators. Independent gas stations, many of which operate under franchise models, can tap into Piston’s infrastructure without the need for new hardware or complex integrations. This direct access to commercial fleet business is a game-changer for gas stations looking to boost their revenue.
Piston’s operations are not limited to the U.S. The company has also established a presence in India, with an engineering and operations hub in Kolkata. Launched in April 2023 with just five employees, the Kolkata office has grown to over 25 team members. This expansion reflects Piston’s commitment to building a world-class payments product while leveraging local talent.
The impact of Piston’s platform is already being felt by fleet operators. For instance, Saga Kapital Group reported significant savings in fuel expenses and a drastic reduction in reconciliation time. What once took days can now be accomplished in just a few clicks. This efficiency is crucial in an industry where time is money.
Piston’s approach is not just about convenience; it’s about redefining the economics of commercial fuel payments. By eliminating the need for traditional fleet cards, Piston is paving the way for a more transparent and cost-effective solution. The startup’s vision aligns with the growing demand for innovative financial technologies that cater to the unique needs of commercial fleets.
Investors see the potential. Spark Capital and Pear VC recognize the opportunity Piston has identified in an underserved market. The fuel payment ecosystem has long been plagued by inefficiencies, and Piston is poised to address these challenges head-on. With the backing of experienced investors, the startup is well-positioned to scale its operations and expand its network of partners.
As Piston continues to grow, it faces the challenge of maintaining its momentum. The startup must navigate the complexities of the fuel payment landscape while ensuring that its technology remains user-friendly and secure. The competition is fierce, but Piston’s unique value proposition sets it apart.
In a world where digital payments are becoming the norm, Piston is leading the charge in the commercial fuel sector. The startup’s innovative approach not only simplifies the payment process but also enhances accountability. Fleet operators can now track their fuel expenses with unprecedented accuracy, reducing the risk of fraud and mismanagement.
The future looks bright for Piston. With its recent funding, the company is poised to expand its reach and refine its technology. As more fleet operators recognize the benefits of a cardless payment system, Piston’s user base is likely to grow. The startup is not just replacing fleet cards; it’s revolutionizing the way commercial fleets manage their fuel expenses.
In conclusion, Piston is more than a payments startup. It’s a beacon of innovation in an industry ripe for disruption. With its focus on transparency, efficiency, and user experience, Piston is set to redefine the landscape of commercial fuel payments. As the company continues to expand, it will undoubtedly play a pivotal role in shaping the future of fleet operations. The road ahead is promising, and Piston is ready to lead the way.
Founded by former fleet operators Vikram Sekhon and Shivam Shah, Piston is not just another tech company. It’s a solution born from frustration. The duo experienced firsthand the chaos of managing fuel expenses. They tried every available option, but nothing worked. So, they decided to create their own solution, free from the constraints of outdated card networks.
Piston’s platform is simple yet powerful. It allows commercial drivers to pay for fuel using QR codes generated by an app. This cardless system captures essential transaction details, including vehicle ID, location, fuel type, and timestamp. The goal? To enhance transparency and reduce fraud. Traditional fleet cards have long been criticized for high fees and limited oversight. Piston aims to change that narrative.
Currently, Piston serves over 120 fleet operators across more than 800 gas stations. The company processes an impressive annualized transaction volume exceeding $20 million, with a staggering month-over-month growth rate of 50%. This rapid expansion is a testament to the demand for a more efficient fuel payment system.
The benefits extend beyond fleet operators. Independent gas stations, many of which operate under franchise models, can tap into Piston’s infrastructure without the need for new hardware or complex integrations. This direct access to commercial fleet business is a game-changer for gas stations looking to boost their revenue.
Piston’s operations are not limited to the U.S. The company has also established a presence in India, with an engineering and operations hub in Kolkata. Launched in April 2023 with just five employees, the Kolkata office has grown to over 25 team members. This expansion reflects Piston’s commitment to building a world-class payments product while leveraging local talent.
The impact of Piston’s platform is already being felt by fleet operators. For instance, Saga Kapital Group reported significant savings in fuel expenses and a drastic reduction in reconciliation time. What once took days can now be accomplished in just a few clicks. This efficiency is crucial in an industry where time is money.
Piston’s approach is not just about convenience; it’s about redefining the economics of commercial fuel payments. By eliminating the need for traditional fleet cards, Piston is paving the way for a more transparent and cost-effective solution. The startup’s vision aligns with the growing demand for innovative financial technologies that cater to the unique needs of commercial fleets.
Investors see the potential. Spark Capital and Pear VC recognize the opportunity Piston has identified in an underserved market. The fuel payment ecosystem has long been plagued by inefficiencies, and Piston is poised to address these challenges head-on. With the backing of experienced investors, the startup is well-positioned to scale its operations and expand its network of partners.
As Piston continues to grow, it faces the challenge of maintaining its momentum. The startup must navigate the complexities of the fuel payment landscape while ensuring that its technology remains user-friendly and secure. The competition is fierce, but Piston’s unique value proposition sets it apart.
In a world where digital payments are becoming the norm, Piston is leading the charge in the commercial fuel sector. The startup’s innovative approach not only simplifies the payment process but also enhances accountability. Fleet operators can now track their fuel expenses with unprecedented accuracy, reducing the risk of fraud and mismanagement.
The future looks bright for Piston. With its recent funding, the company is poised to expand its reach and refine its technology. As more fleet operators recognize the benefits of a cardless payment system, Piston’s user base is likely to grow. The startup is not just replacing fleet cards; it’s revolutionizing the way commercial fleets manage their fuel expenses.
In conclusion, Piston is more than a payments startup. It’s a beacon of innovation in an industry ripe for disruption. With its focus on transparency, efficiency, and user experience, Piston is set to redefine the landscape of commercial fuel payments. As the company continues to expand, it will undoubtedly play a pivotal role in shaping the future of fleet operations. The road ahead is promising, and Piston is ready to lead the way.