New Delhi-based mobile energy distribution platform raises $20 million in an investment round led by Naveen Jindal Group ( NVG), Ravi Jaipuria Group ( RJ Corp) and Nilesh Ved.
The company is planning to utilise the fund to expand its services in foreign markets. The company has claimed that it is willing to launch its services in the United Arab Emirates (UAE) soon. Additionally, the company wants to bolster its footprints in the country as well. Currently, it operates in more than 130 cities and serves more than 45,000 customers.
Recently, the company has forayed into the lubricants space with its partnership with Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL).
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Talking about the latest development, Amit Dang, CFO of Jindal Power Limited, said, " We have witnessed their sizable growth in the last few years and trust them to grow exponentially in the coming years too.”
“FuelBuddy is working towards accomplishing India's goal of becoming a technology-first nation. With this latest funding, we believe that FuelBuddy is ready to set its mark in Dubai and venture into the GCC region as well,” Nilesh Ved added.
SK Narvar, who backs FuelBuddy, said, This round is a strategic investment to further the vision that we have for FuelBuddy to expand aggressively internationally. We are confident that FuelBuddy will emerge as a leader in the international markets as well. FuelBuddy’s transformative solutions in the Indian markets have helped us grow exponentially and strengthen our business across geographies. There is no doubt that with the high standards of customer service, FuelBuddy will continue to disrupt the energy delivery industry globally.”
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