Fuel delivery startup FuelBuddy has raised $20 million in a funding round led by Naveen Jindal Group, Ravi Jaipuria Group (RJ Corp), and Nilesh Ved (Apparel Group, UAE).
FuelBuddy plans for an aggressive expansion in India, the overseas markets in the MENA region, and South East Asia, the company said in a press release.
The startup will also use the raised capital to increase its geographical presence in the country, enhance the technology used, and expand its services to alternative energies such as EVs and gas.
Founded in 2016 by Sumit Kumar Narvar, FuelBuddy is an app-based fuel delivery service. With over 45,000 satisfied customers and operations in over 130 cities, FuelBuddy claims to have served about 10 crore litres of diesel to an array of partners across the country, including Coca-Cola, Amazon, DLF, Infosys, Taj, Hitachi, Amazon, Flipkart, Mahindra Logistics, and Delhivery, among others.
It works closely with IOCL, BPCL, and HPCL for procurement of fuel and providing a seamless experience to the end customer at their doorstep.