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SK Narvar-promoted FuelBuddy, which has around 150 mobile petrol pumps across India has raised $20 million from global conglomerates led by Naveen Jindal Group, Ravi Jaipuria Group (RJ Corp), and Nilesh Ved (Apparel Group, UAE).
The start-up plans to utilise the funds to consolidate its position in the corporate fuel supply market, penetrate into Tier Two and Tier Three markets and it is eyeing B2c retail distribution with its 20-litre jerry cans that can be purchased from select retail outlets.
Speaking to Autocar Professional, Gautam Malhotra, Managing Director of FuelBuddy said, “The corporate market for fuel has suddenly exploded with demand coming back which is leading us to supply newer categories like hospitality, construction equipment, and even mining sectors. We are hopeful to grow our business three times from our current 125 crore to touch 500 crore by the end of FY24.”
Commenting on this funding the company’s Founder SK Narkar said “This round is a strategic investment to further the vision that we have for FuelBuddy to expand aggressively and continue to disrupt the energy delivery industry globally.”
The company’s list of corporate clients include Varun Beverages, Coca-Cola, Amazon, DLF, Infosys, Taj, Hitachi, Amazon, Flipkart, Mahindra Logistics and Delhivery with the start-up adding more clients.
Regarding the funding, Amit Dang, CFO, of Jindal Power said the company has witnessed sizable growth in the last few years, and Jindal is hopeful for them to grow exponentially in the coming years too.
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