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FuelBuddy raises $20M in a round led by Jindal Steel and Power

FuelBuddy, a mobile energy distribution platform, has raised $20 million in a round led by Jindal Steel and Power Limited, RJ Corp, and Nilesh Ved (Chairman of Apparel Group, UAE) through a special purpose vehicle.

The startup will use the capital to expand its presence in India as well as international markets such as MENA and South East Asia, according to a statement.

“With the team’s strategic thought process and continuous efforts, we are transitioning from being a fuel-as-a-service company to an Energy-as-a-service company,” Gautam Malhotra, Managing Director, FuelBuddy told YourStory. “This funding of $20 million will further bolster the expansion of our portfolio pan-India and globally, while achieving FuelBuddy’s holistic vision of providing energy services to users across the world.”

“This round is a strategic investment to further the vision that we have for FuelBuddy to expand aggressively internationally,” said SK Narvar, an initial investor in FuelBuddy. “We are confident that FuelBuddy will emerge as a leader in the international markets.”

Founded in 2017, New Delhi-based FuelBuddy is an on-demand delivery app for fuel and has over 45,000 satisfied customers. In 2021, it acquired Bengaluru-based on-demand fuel delivery startup MyPetrolPump.

The startup’s clients include Varun Beverages, Coca-Cola, Amazon, DLF, Infosys, Taj, Hitachi, Amazon, Flipkart, Mahindra Logistics, and Delhivery. FuelBuddy also recently forayed into the lubricants space via its partnership with Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL).

“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.

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