Fuel delivery platform FuelBuddy has raised $20 million led by Naveen Jindal Group, Ravi Jaipuria Group (RJ Corp), and Nilesh Ved (Apparel Group, UAE).
The New Delhi-based firm had previously announced its intent to expand into the UAE market and is now ready to launch its services there shortly.
FuelBuddy plans for an aggressive expansion in India, the overseas markets in the MENA region, and South East Asia, the company said in a press release. The funds will also be used to increase the geographical presence in the country, enhance the technology used, and also to expand their services to alternative energies such as EVs, and gas.
Founded in 2016, FuelBuddy is an app-based fuel delivery service. With over 45,000 satisfied customers and operations in over 130 cities, FuelBuddy claims to have served about 10 crore liters of diesel to an array of partners across the country including Coca-Cola, Amazon, DLF, Infosys, Taj, Hitachi, Amazon, Flipkart, Mahindra Logistics, and Delhivery to name a few.
FuelBuddy works closely with the three large Oil Marketing Companies (OMCs), namely, IOCL, BPCL, and HPCL for procurement of fuel and providing a seamless experience to the end customer at their doorstep.
Earlier in September 2020, it had raised Rs 17 crore ($ 2.3 million) in seed funding from SK Narvar with a further capital commitment of Rs 17 crore on a need basis. In May 2021, FuelBuddy acquired Bengaluru-based on-demand fuel delivery startup MyPetrolPump. The company also competes with Buyofuel which raised its pre-Series A round in November last year.