Cafu, a fuel-delivery service based in Dubai, is exploring the possibility of raising funds by selling a stake in the business for the first time. This information comes from individuals familiar with the situation who requested anonymity due to the private nature of the discussions.

Founded in 2018 by Rashid Al Ghurair, a member of a prominent Emirati merchant family, Cafu is currently working with Lazard Ltd. to discuss this potential sale. However, as of now, no final decisions have been made regarding the stake sale. Representatives from both Cafu and Lazard have declined to comment on the matter.

Cafu is widely recognized for its distinctive blue-green trucks that deliver fuel directly to clients’ doorsteps at prices comparable to regular petrol stations. In addition to fuel delivery, the company has diversified its offerings to include mobile car washes, battery replacements, and electric vehicle recharging services. It has also expanded its operations to Canada.

In a significant change to its business model, Cafu recently informed clients that it would begin charging a fee for fuel deliveries, describing this as “a small change so we can keep doing things right.” While the company is owned by Rashid Al Ghurair, details about its financial situation remain largely unknown.

Two years ago, a Cafu executive noted that securing financing poses a major challenge, particularly as the company aimed to minimize the amount of equity fundraising. For Lazard, obtaining this mandate would represent a valuable opportunity as it seeks to expand its presence in a region where it faces competition from established firms like Rothschild & Co. and Moelis & Co.