Mobile fuel distribution platform, FuelBuddy announced that it is raising a round of $20 million from global conglomerates led by Naveen Jindal Group, Ravi Jaipuria Group (RJ Corp) and Nilesh Ved (Apparel Group, UAE).With these fresh funds, FuelBuddy is poised for an aggressive expansion in India, the overseas markets in the MENA region and South East Asia.
The New Delhi-based companynhad previously announced its intent to expand into the UAE market and is now ready to launch its services there shortly.
The funds will also be used to increase the geographical presence in the country, enhance the technology used and also to expand services to alternative energies such as EV, Gas. The startup also recently forayed into the lubricants space with their partnership with Indian Oil Corporation and Hindustan Petroleum Corporation.
FuelBuddy is backed by SK Narvar. Commenting on this funding, he said, “This round is a strategic investment to further the vision that we have for FuelBuddy to expand aggressively internationally.”
Talking 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 added, “With this latest funding, we believe that FuelBuddy is ready to set their mark in Dubai and venture into the GCC region as well.”
The company has established themselves as an end-to-end service provider emphasising on managing the consumer’s fueling needs through their industry-first IoT and Cloud-enabled products. With over 45,000 customers and operations in more than 130 cities, they have served about 10 crores litres of diesel to an array of partners across the country. These include Varun Beverages, Coca-Cola, Amazon, DLF, Infosys, Taj, Hitachi, Amazon, Flipkart, Mahindra Logistics, and Delhivery to name a few. FuelBuddy is already expanding to tier-two, tier-three cities and rural areas pan-India and is working towards setting up operations in African, South-Asian regions, and Dubai.