FuelBuddy acquires on-demand fuel delivery startup MyPetrolPump
Fuel delivery startup FuelBuddy has acquired Bangalore-based on-demand fuel delivery startup MyPetrolPump, an enterprise owned by ANB Fuels Pvt. Ltd., for a cash and stock consideration.
FuelBuddy is an app-based tech-enabled platform that offers doorstep fuel delivery along with value-added services.
MyPetrolPump is a first-of-its-kind on-demand fuel delivery service in India. It was launched to resolve refueling difficulties faced by owners of diesel generators and fixed equipment. Distinctly, FuelBuddy is centered more on the bulk fuel segment while MyPetrolPump deals in the non-bulk category.
Gautam Malhotra, Founder of FuelBuddy said, “The synergy between the two organizations is huge, and 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 & segments across the country.”
The acquisition gives FuelBuddy access to more distinct geographies, customers, and management bandwidth making it the biggest and the most diversified doorstep fuel delivery platform in the country.
With this acquisition, FuelBuddy will have more than 100 bowsers (refuellers) under management catering to 30 cities and all market segments with a consolidated delivery volume of almost 40 million liters along with an experience of almost 100,000 processed orders.
Assisting the institutional B2B buyers, FuelBuddy’s average order size is 1,700 liters, while MyPetrolPump’s average order size is 300 liters. Following the consolidation, FuelBuddy will be able to service both bulk and non-bulk sections of customers.
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, signifying a $26 billion marketplace for startups like FuelBuddy.
Lately, FuelBuddy had raised ₹29.5 crore and MyPetrolPump had raised ₹14 crore in funding for achieving expansion plans.
FuelBuddy operates jointly with the three large oil marketing companies (OMCs), i.e, Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd, and Hindustan Petroleum Corporation Ltd for the acquirement of fuel and its delivery to end-customers at their doorstep.
FuelBuddy is revolutionizing the purchase and delivery of fuel by introducing doorstep delivery in the segment. It appears to be a very innovative startup and has amazing growth prospects. My best wishes to the entire team of FuelBuddy.Shishir Gupta, Founder and CEO, StartupLanes
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