On 9th May 2021, Bangalore-based on-demand fuel delivery startup My PetrolPump, a venture owned by ANB Pvt. Ltd. for stock and cash consideration, was acquired by Fuelbuddy, a fuel delivery startup based in Delhi.
Recently in 2021, FuelBuddy has raised USD 4 Million, and My PetrolPump raised USD 1.9 Million in the funding round to fuel up the expansion plan.
This acquisition will bring Fuelbuddy access to new geographies, management and customers bandwidth, making it the most comprehensive and most diversified fuel delivery platform in India.
This acquisition will also let Fuelbuddy have over 100 refuellers in 30 different cities across the country. The overall delivery volume of the company will be nearly a million litres along with 100K orders.
About Fuelbuddy –
Fuelbuddy based tech-enabled app-based platform that provides doorstep fuel delivery and few value-added services. Fuelbuddy aims at bulk delivery. The company works closely with three major oil marketing companies, Bharat Petroleum, Indian Oil Corporation and Hindustan Petroleum.
The company was founded in 2016, it serves corporate, construction, mining, manufacturing which need fuel to run their company’s operations. Their main aim is to revolutionize the methods by which fuel is purchased, delivered and stored. They claim to provide the right amount and quality for every order they deliver. It also brings transparency, safety and convenience to its doorstep delivery. FuelBuddy serves B2B buyers, their average order size is 1700 litres.
“The synergy between the two organisations is huge, and I am sure both the teams put together will deliver high growth and great results. The combined company is well poised to capture all key markets and segments across the country,” – Gautam Malhotra, Founder, FeulBuddy.
“The market size for high-speed diesel (HSD), the fuel category FuelBuddy deals in India, is $100 billion wherein the doorstep HSD delivery model has the potential of up to 26% market share, implying a $26 billion marketplace for startups like FuelBuddy.” – he added.
About My PetrolPump –
My PetrolPump is an on-demand fuel delivery service for cars, delivery vehicles, trucks and generators. It was founded in 2016 by Ashish Gupta and Nabin Roy.
This company is relatively smaller than Fuelbuddy as they have an average order size of 300 litres. They deal in the non-bulk category. Currently, it has two main team members who are the CEO and COO of the company.
“As part of this transaction, we are delighted to become the largest fuel delivery company serving customers pan India. The combined strengths of the two leading companies in this space open up new opportunities for us to aggressively go after the USD 100 billion market opportunity.” – Ashish Gupta, Co-founder, MyPetrolPump.
“We would now be able to serve customers from tier-2 cities and expand our footprints to rural areas too,” – he added.
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