On-demand fuel app, FuelBuddy said that it has raised Rs 17 crore ($2.3 million) in seed funding. The capital has been raised from S K Narvar with a further capital commitment of the same amount on need basis, the company said in a statement on Saturday.
FuelBuddy works with the three large oil marketing companies (OMCs) - IOCL, BPCL and HPCL for procurement of the highest grade of fuel and providing a seamless experience to the end-customer at their doorstep.
"Team FuelBuddy is extremely grateful to Shri Dharmendra Pradhan (Hon'ble Minister for Petroleum & Natural Gas and Steel) for his vision in creating a new business platform with customer convenience at its epicenter and enabling startups like us to participate in the same and MoPNG, DPIIT, PESO, BPCL, IOCL and HPCL for their continuous support in ensuring a robust framework for this nascent industry. We are thankful to Shri Narvar for his patronage and believing in our vision for the Company and providing us with a growth platform," said Adnan Kidwai, CEO, FuelBuddy.
The Delhi based company is an app based, IoT and cloud enabled fuel delivery service which was established in 2016. The other players in the segment are Pepfuels, MyPetrolPump, Humsafar, among others. Meanwhile, it was in 2017 that the Ministry of Petroleum & Natural Gas first began contemplating the legalisation of home delivery of high-speed diesel (HSD). It, thereafter, brought in the Petroleum Explosives Safety Organisation (PESO) to draft guidelines with respect to the process.