FuelBuddy raises $20 mn, aims to expand global footprint
New Delhi, Jan 23 (IANS) Mobile energy distribution platform FuelBuddy on Monday said it has raised $20 million from global conglomerates. With these funds, FuelBuddy said it is poised for an aggressive expansion in India, the overseas markets in the MENA region, and South-East Asia.
With over 45,000 satisfied customers and operations in more than 130 cities, they have served about 10 crore litres of diesel to partners across the country including Varun Beverages Ltd., Coca-Cola, Amazon, DLF, Infosys, Taj, Hitachi, Amazon, Flipkart, Mahindra Logistics and Delhivery, to name a few.
"We are confident that FuelBuddy will emerge as a leader in the international markets as well. FuelBuddy's transformative solutions in the Indian markets have helped us grow exponentially and strengthen our business across geographies," said SK Narvar, who promoted and funded Fuel Buddy .
Established in 2016 in New Delhi, Fuel Buddy is an app based, IoT and cloud enabled fuel delivery service. It is already expanding to tier-two, tier-three cities and rural areas pan-India.
The latest funding round was led by Naveen Jindal Group, Ravi Jaipuria Group (RJ Corp) and Nilesh Ved (Apparel Group, the UAE).
The startup recently forayed into the lubricants space with their partnership with Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL).
"FuelBuddy is a pioneer in the fuel-delivery business in India. We have witnessed their sizable growth in the last few years and trust them to grow exponentially in the coming years too," said Amit Dang, CFO, Jindal Power Limited.
FuelBuddy had also acquired Bengaluru-based on-demand fuel delivery startup MyPetrolPump.