FuelBuddy, a mobile energy distribution platform, has raised $20 million in a funding round led by Jindal Power Limited, RJ Corp, and Nilesh Ved of Apparel Group, UAE. The funds will be used to expand FuelBuddy’s presence in India and international markets, such as MENA and Southeast Asia.
According to Gautam Malhotra, Managing Director of the company, “With the team’s strategic thought process and continuous efforts, we are transitioning from being a fuel-as-a-service company to an Energy-as-a-service company. This funding of $20 million will further bolster the expansion of our portfolio pan-India and globally, while achieving FuelBuddy’s holistic vision of providing energy services to users across the world.”
The round is a strategic investment to further the vision that we have for FuelBuddy to expand aggressively internationally, said SK Narvar, an initial investor in FuelBuddy. “We are confident that FuelBuddy will emerge as a leader in the international markets.”
FuelBuddy claims to have over 45,000 customers
Founded in 2017, New Delhi-based the company is an on-demand delivery app for fuel and has over 45,000 satisfied customers. In 2021, it acquired Bengaluru-based on-demand fuel delivery startup MyPetrolPump. The startup’s clients include Varun Beverages, Coca-Cola, Amazon, DLF, Infosys, Taj, Hitachi, Amazon, Flipkart, Mahindra Logistics, and Delhivery.
FuelBuddy has also recently forayed into the lubricants space via its partnership with Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL). “The Firm 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.
“This funding round is a strong validation of our business model and growth potential,” said Malhotra. “It will allow us to expand our services to more customers and geographies, and invest in technology to enhance our offerings.”
The company plans to use the funds to expand their services to more customers and geographies, and invest in technology to enhance their offerings. FuelBuddy’s mission is to make fuel delivery more convenient, reliable and efficient for their customers. With the new funding, they plan to focus on expanding their reach and improving their technology to better serve their customers.
The on-demand delivery app allows customers to order fuel and have it delivered to their location within a short time frame. The company has been able to gain a large customer base in India due to their reliability and convenience. With this new funding, they plan to expand their reach and improve their technology to better serve their customers.
“FuelBuddy’s goal is to make fuel delivery more convenient, reliable and efficient for our customers. With this new funding, we can expand our reach and improve our technology to better serve our customers, said Malhotra.
FuelBuddy’s success in India has attracted the attention of international investors, and the company plans to use this funding to expand their services to international markets. “We are excited to take FuelBuddy’s unique and innovative business model to new markets and help more people access reliable and convenient fuel delivery,” said Narvar.
Overall, this funding round is a huge milestone for FuelBuddy, and a strong validation of their business model and growth potential. With this new funding, they are well-positioned to continue expanding their services and improving their technology to better serve their customers.