After govt nod, India's first fuel delivery startup MyPetrolPump to raise funds

Bengaluru-based India's first fuel startup MyPetrolPump, which offers petrol/diesel on wheels announced that it is keen to avail benefits under a central government initiative to raise funds for extending their technology solutions to detect and prevent fuel adulteration.

ANB Fuels, under the brand MyPetrolPump, had launched its operations from June 18 with three delivery vehicles, each with a capacity of 950 litres, to deliver fuel to the customer's doorstep. However, they had to suspend the delivery within four days due to a circular issued by the Petroleum and Explosives Safety Organisation (PESO) after the organisation directed state-run oil marketing companies and private retailers to stop selling fuel to the startup citing "safety" concerns.

The startup claims to have lost more than Rs. 40 lakh due to the then suspension of operations.

Founded by an IIT-Dhanbad alumnus Ashish Kumar Gupta, Mypetrolpump has become country's first firm to deliver diesel at the doorsteps.

The one-time delivery charge is Rs 99 for up to 100 litres of diesel. A user can order the fuel through MyPetrolPump app or by making a direct call to the firm.

With their direct-to-equipment state-of-the-art refuelling system, MyPetrolPump has helped more than 300 apartment complexes and customers including 30 schools in Bengaluru get their diesel gen sets refuelled safely on time.

"Last week, the central government had unveiled a Rs 320 crore fund to support startups in the oil and gas sector. We are keen on availing funds to extend our technology solutions to detect and prevent fuel adulteration. We want to raise about Rs 50 lakh for the purpose," MyPetrolPump CEO Ashish, reported PTI.

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"We are further extending the solution for all variants of diesel and kerosene blends for flow rates as low as 1 litre per minute to 2,000 litre per minute," he said.

According to a recent report, India consumed 23.8 million tons of petrol and 76 million tons of diesel in 2016-17 fiscal. This was higher than 21.8 million tons of petrol and 74.6 million tons of diesel consumed in the previous 2015-16 financial year.

Last week, petroleum ministry, led by Dharmendra Pradhan launched a scheme with 10 oil and gas companies to offer a financial support for startups working on technological or business innovations that could solve some of oil industry’s problems.

The scheme saw participation from major oil players. Indian Oil signed up with maximum 11 startups, promising to pump in a total of Rs 20 crore in their ventures. ONGC has agreed to fund five startups, GAIL and HPCL four each, Engineers India three, Oil India and Numaligarh Refinery two each and Bharat Petroleum just one startup. The funding commitment ranges from Rs 40 lakh to Rs 2.5 crore for a startup.

MyPetrolPump: Website