Dubai-based Cafu, a fuel delivery service, is exploring the opportunity to raise funds by selling a stake in the company for the first time. This information comes from sources familiar with the situation who chose to remain anonymous as discussions are still in the preliminary stage and no final decisions have been made.

Founded in 2018 by Rashid Al Ghurair, whose family conglomerate operates across various sectors including food, resources, properties, and construction, Cafu is currently working with Lazard Ltd. to facilitate the potential stake sale. Representatives from both Cafu and Lazard have declined to provide any comments regarding the negotiations.

Cafu is recognized for its blue-green trucks that deliver fuel directly to customers’ doorsteps at prices comparable to those at regular petrol stations in the United Arab Emirates. In addition to fuel delivery, Cafu has expanded its range of services to include mobile car washes, battery replacements, and electric vehicle charging, with operations also extending into Canada.

Recently, Cafu announced a significant change to its business model, informing clients that it will begin charging a fee for fuel deliveries. The company described this adjustment as “a small change so we can keep doing things right.” A Cafu executive had previously mentioned that financing remains a significant challenge, particularly given their strategy to minimize equity fundraising.

For Lazard, securing the mandate for this stake sale would represent a notable achievement as it aims to increase its market presence in a region where competitors like Rothschild & Co. and Moelis & Co. are more established.