New Delhi: NCR-based fuel delivery service, FuelBuddy is looking to raise up to $2 million from institutional investors. The company, which currently serves the B2B sector in and around the capital plans to expand to B2C segment soon. It has previously been invested in for an unknown sum by family offices of HNIs.

“We want to make sure buying fuel is as easy as buying a book on Amazon,” says Adnan Kidwai, co-founder in the company.

The money will be deployed to expand the business across India, said its other co-founders Divij Talwar and Gautam Malhotra.

“Earlier, the only option was to send a vehicle to your nearest petrol pump and bring back the fuel in drums. It was extremely difficult, illegal, unsafe and the chances of pilferage and adulteration were very high,” says Talwar.

He adds that fuel delivery as a concept was primarily unknown to the masses and a few select institutions had the option to avail this facility directly from state run oil marketing companies or OMCs.

Recently, a similar company, MyPetroPump raised $1.6 million in seed funding from companies like Venture Highway Capital, Y Combinator and others. Earlier this year, Indian Oil too, announced a new service by the name of ‘Fuel @ Doorstep‘, in Chennai also to ensure fuel supply to end-users via an app.

Fuel delivery apps let users track the delivery on a real time basis as well as help prevent adulteration. The company’s founders say they forayed into this business in 2016 but at the time, the concept of fuel delivery was too nascent and the requisite regulations were not in place.

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