FuelBuddy raises $20 Million led by Jindal Power
Mobile energy distribution platform FuelBuddy has raised $20 million in a found round led by Jindal Power Limited and RJ Corp. Nilesh Ved, chairman of Dubai-based fashion company Apparel Group, also participated in this round.
The company will use funds to expand its presence in India. It is also set to expand its presence in United Arab Emirates, Middle East and North Africa, and Southeast Asia. It also aims to expand its services to alternative energy sources such as electricity and gas
FuelBuddy was founded by Adnan Kidwai and Gautam Malhotra in 2017. It is an on-demand delivery app for fuel. The company also acquired MyPetrolPump in 2021. It also boasts over 45,000 satisfied customers and has served about 100 million liters of diesel to partners across the country.
The company has several big clients including Varun Beverages, Coca-Cola, Amazon, DLF, Infosys, Taj, Hitachi, Amazon, Flipkart, Mahindra Logistics, and Delhivery. It has also recently parted with IOCL and HPCL to foray into the lubricants space.
“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.