OIL & GAS

FuelBuddy acquires on-demand fuel delivery startup MyPetrolPump

App-based fuel delivery platform FuelBuddy on Sunday said it has acquired Bengaluru-based on-demand fuel delivery startup MyPetrolPump, which will provide it access to new geographies and customers.

With this acquisition, FuelBuddy will have over 100 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. It focuses largely on the bulk category.

“The synergy between the two organisations 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 and segments across the country,” said Gautam Malhotra, Founder, FeulBuddy.

MyPetrolPump team has built a great platform and business in Bangalore, Hyderabad and Pune. Coupled with the FuelBuddy network, the combined entity will be present and delivering fuel in 30 cities across India, he said.

This acquisition also kicks off the consolidation process in this space and FuelBuddy will be looking at smaller bolt-on acquisitions to further consolidate the industry and create a solid footing for itself, said Malhotra.

While entry barriers to this business may seem low, the model requires licensing, technology, financial strength and support of long-term investors to create a large, sustainable and growth oriented-organisation, he said.

Source
ET Energy World
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