FuelBuddy Raises $20 Million From Global Conglomerates The funds will be used to increase the geographical presence in the country, enhance the technology used, and also to expand their services to alternative energies such as EV, gas etc
By Teena Jose •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
A mobile energy distribution platform that provides a sustainable solution for businesses, FuelBuddy, has raised $20 million from global conglomerates in a funding round led by Naveen Jindal Group, Ravi Jaipuria Group 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 funds will be used to increase the geographical presence in the country, enhance the technology used, and also to expand their services to alternative energies such as EV, gas etc.
"This round is a strategic investment to further the vision that we have for FuelBuddy to expand aggressively internationally. 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. There is no doubt that with the high standards of customer service, FuelBuddy will continue to disrupt the energy delivery industry globally," said SK Narvar.
With over 45,000 satisfied customers and operations in more than130 cities, they have served about 10 crore litres of diesel to an array of partners across the country including Varun Beverages Ltd., Coca-Cola, Amazon, DLF, Infosys, Taj, Hitachi, Amazon, Flipkart, Mahindra Logistics, and Delhivery to name a few. FuelBuddy is already expanding to tier II, tier III cities and rural areas pan-India and is working towards setting up operations in African, South-Asian regions, and Dubai, claimed by the company in a statement.
"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," said Amit Dang, CFO, Jindal Power Limited.
SK Narvar promoted FuelBuddy as India's first and largest doorstep fuel delivery startup focused on providing the right quality and quantity of fuel at the touch of a button.
