In a bid to ease the challenges of long lines on petrol pumps and emergency posed due to low-fuel tanks, FuelBuddy, an application based fuel delivery platform, has lately confirmed acquiring a Bengaluru-headquartered on-demand fuel delivery startup firm- MyPetrolPump.
The transaction amount for the deal has not been disclosed yet. Apparently, the acquisition would offer FuelBuddy the access to new geographies and customers in the country.
Moreover, through the novel acquisition, FuelBuddy would have under its banner over 100 refuellers, servicing 30 cities and all market segments with a collective delivery volume of about 40 million liters along with an experience of about 100,000 processed orders.
Reports suggest that the combined entity would be present and delivering fuel in nearly 30 cities across India.
Besides, this acquisition also kicks off the consolidation process in the fuel delivery space and FuelBuddy would be looking ahead at establishing smaller bolt-on acquisition to further consolidate the industry, alongside allowing the company to create a solid footing for itself.
Gautam Malhotra, Founder of FuelBuddy, stated that the synergy between the two organizations is quite huge and the teams are seeking to deliver high growth and great results through this acquisition, while aiming at capturing all key markets across the Indian sub-continent.
Also, while speaking on the upcoming projects, Gautam added that the organization has few more planned projects lined up which are likely to take shape over the next 3 to 4 months. He mentioned that aligned with the MPP acquisition, these projects are anticipated to lead to huge value creation for all the shareholders of FuelBuddy.
Meanwhile, MyPetrolPump Co-Founder, Ashish Gupta quoted that the company is elated to emerge as one of the largest fuel delivery companies in the country. It was also reported that the combined strengths of the two leading companies in this space would open up new avenues for MPP to aggressively go after the $100 billion market opportunity.
Mr. Gupta further cited that the firm would now be able to serve customers from cities like Pune, Ahmedabad, and others, while simultaneously expanding its footprints to rural regions too.
Source Credit: http://www.businessworld.in/article/FuelBuddy-Acquires-On-demand-Fuel-Delivery-Startup-MyPterolPump/09-05-2021-389084/