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FUEL BUDDY GETS A RAISE OF RS. 12.5 CRORES FROM EXISTING INVESTORS

Getting food and groceries at your doorstep was quite talked about; but now the news is about getting fuel as and when you require at your doorstep. The company Fuel Buddy is in talks as it has recently managed to raise Rs. 12.5 crore from its existing investors. The insights to the news can be taken from the article below.

 

MORE ABOUT FUEL BUDDY

It is a Delhi based company set up in 2016 with a mission to deliver fuel at your doorstep. It is by far the first legally approved private company to be operating in this segment. They basically cater to industries like manufacturing, construction, corporates and mining in order to avoid the unnecessary delay that they face otherwise. They have fully automated supply chain governed through API mechanism. The prominent services offered are :

  • High Speed Diesel Delivery
  • Smart Tank
  • Diesel On Tap (DoT)

 

Technologies like geo tagging, geo fencing, digital invoice, OTP and smart dispensing are used while dealing with clients.They believe in giving right quality and quantity to their customers. The orders are placed through applications and then delivery is made according to rates of your nearest petrol pump. The clients list include:

  • DLF
  • Oyo
  • Infosys
  • Wipro
  • QH Talbros
  • Platinum Motocorp

The company is in close network with mega Oil Marketing companies of the nation that are IOCL, BPCL and HPCL. They are catering to 33 cities across the nation.

The encouragement of such an initiative was possible under the purview of Ministry Of Petroleum & Natural Gas and other concerned departments.

INSIGHTS INTO RAISE

The company on Friday announced that it raised Rs. 12.5 crore from existing investors including Jaipuria Family Office.

“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.

In 2020; the company raised Rs. 17 crores from SK Narvar in a seed funding round. S K Narvar is a new business leader who has managed to guide a lot of companies in various different domains. He right now is at the position of Chairman at Capital India Corporation.

 

India consumes close to 52 Lakh barrels oil per day. This demand saw a decline in the month of January- February; but the rebound is here to come. Even though prices are soaring high; the consumption sees no downfall.

It is only because as a developing nation we cannot afford to step back in any of the sectors be it manufacturing or household. What can be done is to set up efficient mechanisms like fuel delivery to boost the entire process.

 

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