FuelBuddy Secures New Funding and Plans International Growth
- ByStartupStory | January 23, 2023
Fuel delivery startup FuelBuddy has raised $20 million in its most recent round of financing, which was spearheaded by multinational corporations Naveen Jindal Group, Ravi Jaipuria Group (RJ Corp), and Nilesh Ved (Apparel Group, UAE).
The company, which is based in New Delhi, intends to grow both domestically and abroad, particularly in Southeast Asia and the MENA (Middle East and North Africa) area. It earlier declared its intention to enter the UAE market and now says it will soon be prepared to begin offering its services there.
Additionally, the cash will be utilised to upgrade its technological foundation and broaden its service offerings to include other energy like gas and electric mobility.
FuelBuddy, which was founded in 2016, provides doorstep fuel delivery using IoT (internet of things) and cloud-enabled products to address problems with fuel procurement and storage, such as theft, spillage, pilferage, and monitoring and controlling consumption.
With its relationship with two oil marketing firms, Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited, FuelBuddy has also just entered the lubricants sector (HPCL).
The business, which has operations in more than 130 towns across the nation, says it has more than 45,000 clients. To date, it has fulfilled diesel deliveries of around 10 crore litres to its partners all over the nation. Some of its well-known clients include Varun Beverages Ltd., Coca-Cola, Amazon, DLF, Infosys, Taj, Hitachi, Amazon, Flipkart, Mahindra Logistics, and Delhivery.
The company had previously raised Rs 40 crore from investors, including the Jaipuria Family Office, before this round. The chairman of Capital India Corp., SK Narvar, is promoting the startup.
“This round is a strategic investment to further the vision that we have for FuelBuddy to expand aggressively internationally. 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 Narvar.
FuelBuddy purchased Bangalore-based startup MyPetrolPump for cash and stock in May 2021 to increase its dominance in the specialized market. The agreement gave the organization management bandwidth as well as the ability to reach out to other markets and clients.
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