BackFuelBuddy acquires MyPetrolPump in an all-cash and stock deal
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.
PremiumMUMBAI: Delhi-based fuel delivery startup FuelBuddy has acquired Bangalore based on-demand fuel delivery startup MyPetrolPump, a venture owned by ANB Fuels Pvt. Ltd., for a cash and stock consideration.
FuelBuddy is an app-based tech-enabled platform that provides doorstep fuel delivery along with value-added services. On the other hand, MyPetrolPump is a first-of-its-kind on-demand fuel delivery service in India. It attempted to solve refuelling problems faced by owners of diesel generators and stationary equipment. Notably, FuelBuddy focuses more on the bulk fuel category while MyPetrolPump deals in the non-bulk category.
"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," said Gautam Malhotra, Founder, FuelBuddy.
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 category 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.
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