Acquiring MyPetrolPump enables new opportunities for FuelBuddy to cater newer geographies, customers and management bandwidth which has made it the largest diversified doorstep fuel delivery platform in the country.
Brief about FuelBuddy
FuelBuddy is an app based tech startup platform where it provides fuel delivery to its user’s doorstep.
Brief about MyPetrolPump
MyPetrolPump is a first-of-its-kind on-demand fuel delivery service in India. It has tried to solve the problem faced by owners of diesel generators and stationary equipment. FuelBuddy focuses on bulk ordering and MyPetrolPump focuses on the non-bulk category.
The Delhi based fuel delivery startup, FuelBuddy has acquired Bangalore based on-demand fuel delivery startup MyPetrolPump which is owned by ANB Fuels Pvt. Ltd., FuelBuddy has acquired it in all cash and stock consideration.
Founder of FuelBuddy, Gautam Malhotra said “ The combination of two organizations has huge potential to see high growth and great results with both the team putting in great efforts. The combined company can capture all the key markets & segments across the country”.
The acquisition provides FuelBuddy with access to newer geographies, customers and management bandwidth making it the largest and the most diversified doorstep fuel delivery platform in the country.
With this acquisition, FuelBuddy will have over 100 bowsers (refuellers) under management servicing 30 cities and all market segments with a combined delivery volume of nearly 40 million litres along with an experience of nearly 100,000 processed orders.
Serving the institutional business-to-business (B2B) buyers, FuelBuddy’s average order size is 1,700 litres, while MyPetrolPump’s average order size is 300 litres. Post consolidation, FuelBuddy will be able to service both bulk and non-bulk categories 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, implying a $26 billion marketplace for startups like FuelBuddy.
Recently, FuelBuddy had raised ₹29.5 crore and MyPetrolPump had raised ₹14 crore in funding for meeting expansion plans.
FuelBuddy works closely with the three large oil marketing companies (OMCs), namely, Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd for procurement of fuel and its distribution to end-customers at their doorstep.