Fuelbuddy funding: FuelBuddy raises $20 million funding, eyes UAE expansion

On-demand gasoline supply service FuelBuddy stated on Monday that it had raised $20 million from a consortium of conglomerates led by Naveen Jindal Group and Ravi Jaipuria Group.

Nilesh Ved, chairman of Dubai-based vogue firm Attire Group, additionally participated within the funding spherical.

The New Delhi-based startup is about to launch its companies within the United Arab Emirates and goals to broaden into areas of Center East and North Africa (MENA), Southeast Asia and newer cities inside India.

The corporate had raised a complete of $5 million in fairness and debt earlier than the present infusion, a spokesperson advised ET.

FuelBuddy additionally goals to broaden its companies to various power sources similar to electrical energy and gasoline. Final month, it forayed into the lubricants house in partnership with Indian Oil Company (IOCL) and Hindustan Petroleum Company (HPCL).

With over 45,000 clients and operations in additional than 130 cities, FuelBuddy claims to have served about 100 million litres of diesel to companions throughout the nation together with Varun Drinks, Coca-Cola, Amazon, DLF, Infosys, Taj, Hitachi, Amazon, Flipkart, Mahindra Logistics, and Delhivery.

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“FuelBuddy is a pioneer within the fuel-delivery enterprise in India. We have now witnessed their sizable progress in the previous few years and belief them to develop exponentially within the coming years too,” stated Amit Dang, CFO, Jindal Energy.In Might 2021, FuelBuddy acquired Bengaluru based mostly MyPetrolPump in a cash-and-stock deal.

Whereas FuelBuddy centered totally on the majority gasoline class, MyPetrolPump serviced the non-bulk class.

Based in 2016 by Adnan Kidwai and Gautam Malhotra, FuelBuddy’s service runs on an app, with a product that’s Web-of-Issues (IoT) and cloud computing enabled. Other than doorstep gasoline supply, it has gasoline storage options.

In 2020, it appointed Sajjan Kumar Ahlawat as President. Ahlawat had over 35 years of expertise in numerous capacities at IOCL.

He served as the general advertising and marketing head for Bihar, UP, Delhi and Haryana for IOCL and had expertise in undertaking administration, LPG enterprise, refinery enterprise, provide chain administration, operations and advertising and marketing.

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