[Funding Alert] MyPetrolPump raises $1.62 million from Venture Highway and Y Combinator
According to a statement, MyPetrolPump plans to use these funds to scale up its business operations in Bengaluru as well as expanding into other cities.
Bengaluru-based on-demand fuel delivery service platform MyPetrolPump has raised $1.62 million as a part of its seed funding round led by Venture Highway Capital, with participation from US-based seed accelerator Y Combinator.
According to the company, it plans to use the funds to scale up its business operations in Bengaluru as well as expanding in other cities.
Started by Ashish Gupta and later joined by Co-founder Naveen Roy, MyPetrolPump is a first-of-its-kind on-demand fuel delivery service in India that attempted to solve an everyday problem faced by individual vehicle owners as well as corporates, schools, hotel chains, and so on.
The platform launched its operations in September 2017. Until January, this year, Ashish said that the startup, since launch, had delivered over three million litres of fuel in Bengaluru — the only city it is operational so far — and garnered more than 2,000 B2B customers. Further, this growth was achieved purely by word-of-mouth.
Not only vehicle refuelling, but MyPetrolPump also fills up diesel generators at large commercial and residential complexes, and at hotels and guesthouses.
According to the company, it counts among its customers over 300 apartment complexes, businesses such as OYO Rooms, Treebo, Lemontree, Hilton Hotels, and several large offices in Bengaluru’s business hubs of Koramangala, HSR Layout and even far-flung areas like Bellandur and BTM Layout.
As of January 2019, the startup processed over 30,000 orders so far, and generated revenue of Rs 15 crore in the last financial year.
Additionally, the average ticket size on the platform varies between 100-200 litres for small customers and 5,000 litres for large clients like Hilton, stated the company earlier this year.
While speaking about the funding, Ashish further added that MyPetrolPump has witnessed a jump of three-fold since January this year and its current GMV stands at $5 million (in spite of being bootstrapped).
With this round of funding, the company plans to reach over 10,000 enterprise customers, and is aiming to reach a GMV of $60 million.
(Edited by Saheli Sen Gupta)
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.