An investment round led by the Naveen Jindal Group, the Ravi Jaipuria Group (RJ Corp), and Nilesh Ved netted $20 million for the New Delhi-based FuelBuddy (Apparel Group, UAE).
With the money, the gasoline delivery firm will launch operations in the UAE market and expand throughout India and Southeast Asia (SEA). FuelBuddy also intends to use the forthcoming cash to develop its tech foundation, extend to alternate energy like electricity and gas, and broaden its geographical footprint in India.
FuelBuddy is a gasoline delivery service that was founded in 2016 by Adnan Kidwai, Divij Talwar, Gautam Malhotra, and SK Narvar. Along with fuel storage and monitoring solutions using IoT, the business also provides fuel management services through its IoT-based devices.
The business also provides cloud-based supply chain solutions so that clients can utilise analytics to manage and keep an eye on their fuel use. The startup’s software may also intelligently reorganise gasoline based on the pace of use and the remaining fuel.
In the lubricants industry, FuelBuddy recently teamed with Hindustan Petroleum Corporation Limited (HPCL) and Indian Oil Corporation Limited (IOCL).
Speaking on the funding, SK Narvar, the promoter of the startup, said, “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”.
FuelBuddy has raised over INR 40 Cr ($5 Mn) in total across fundraising rounds, excluding the most recent round. Over 45,000 consumers, according to the firm, were served throughout 130 cities.
In addition to serving B2C clients, FuelBuddy also claimed to have supplied more than 9 Cr gallons of fuel to businesses including Coca-Cola, Amazon, DLF, Flipkart, Mahindra Logistics, and Delhivery, among others.
The on-demand gasoline distribution firm MyPetrolPump was bought by the New Delhi-based startup in 2021 for cash and equity. The firm faces competition from companies like ReadyAssist, Pepfuels, Repos Energy, Fuel Delivery, and others.
The vehicle fuel delivery system market is anticipated to reach $5.29 Bn by 2027, expanding at a CAGR of 5.8% from 2021 to 2027, according to a Mordor Intelligence analysis.
The research noted that the Asia-Pacific region was anticipated to dominate the industry as vehicle manufacturing rises in important regions like China and India.