[Funding alert] Fuel delivery platform Fuel Buddy raises Rs 12.5 Cr from investors
SK Narvar promoted Fuel Buddy on Thursday announced raising Rs 12.5 crore from investors, including the Jaipuria Family Office.
Established in 2016, Fuel Buddy is a pioneer in the fuel delivery industry in India. The Delhi-based company is an app based, IoT and cloud enabled fuel delivery service.
"It is a tech-enabled platform which provides on-demand fuel delivery along with value-added services. The service offers a safe and secure experience, accurate quantity, and pure fuel at prevailing market prices ensuring customer convenience," the company said in a statement.
Fuel Buddy also offers complete supply chain solutions using technology and cloud computing, thereby enabling customers to use advanced analytics to control and monitor data, it said.
Earlier in September 2020, it had raised Rs 17 crore ($ 2.3 million) in seed funding from SK Narvar with a further capital commitement of Rs 17 crore on need basis.
SK Narvar is a new generation business leader, who has mentored and built successful companies in the financial services, fintech, and realty space. He currently serves as the Chairman of Capital India Corp. He believes in empowering the youth of the country and in the power of digital technologies to transform nascent business models. He has backed various first-generation entrepreneurs in their journey to success and in fulfilling their dreams.
FuelBuddy works closely with the three large Oil Marketing Companies (OMCs), namely, IOCL, BPCL, and HPCL for procurement of the highest grade of fuel and providing a seamless experience to the end-customer at their doorstep.
The whole policy initiative for this model has been driven under the aegis of MoPNG (Ministry of Petroleum & Natural Gas), DPIIT (Department for Promotion of Industry & Internal Trade), PESO (Petroleum & Explosives Safety Organisation), and as a visionary initiative of Dharmendra Pradhan, Union Minister, Petroleum & Natural Gas, and Steel.
(Disclaimer: Additional background information has been added to this PTI copy for context)