A funding of ₹160 crore has been raised by the Doorstep fuel delivery startup FuelBuddy from investors. FuelBuddy will utilize the funds for an expansion of the company within India, the Middle East, North Africa, and South East Asia. They will also look at stepping into alternative energies like electric vehicles. They also recently collaborated with Indian Oil and Hindustan Petroleum. The investment was led by Naveen Jindal Group, Ravi Jaipuria Group, and Nilesh Ved from Apparel Group UAE.
FuelBuddy is a New Delhi-based startup founded in 2017 by Adnan Kidwai, Divij Talwar, Gautam Malhotra, and Sumit Narvar. It is an on-demand fuel app that does home delivery by providing fuel to not only corporates but also to vehicles that need fuel on a more regular basis which is a convenient method for customers. The company which is backed by SK Narvar stated that “This round is a strategic investment to further the vision that we have for FuelBuddy to expand aggressively internationally.”
FuelBuddy currently has over 45000 customers and is running its operations in 30 plus cities across India. Until now they have provided at least 10 crore liters of fuel to an array of partners all over India which include Varun Beverages, Coca-Cola, Amazon, DLF, Infosys, Taj, Hitachi, Amazon, Flipkart, Mahindra, Delhivery, etc. Speaking about the funding, Amit Dang, CFO, Jindal Power said, “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.”
Nilesh Ved of Apparel Group, UAE stated that “With this latest funding, we believe that FuelBuddy is ready to set their mark in Dubai and venture into the GCC region as well.”