FuelBuddy, a mobile energy distribution platform, has raised $20 million from the Naveen Jindal Group, Ravi Jaipuria Group (RJ Corp) and Nilesh Ved (Apparel Group, UAE).

The company will use the funds to expand in India, the overseas markets in the MENA region, and South East Asia. Additionally, the funds will also be used to enhance the technology and expand its services to alternative energies such as EV, gas, and more.

“We are transitioning from being a fuel-as-a-service company to an energy-as-a-service company.” The $ 20 million funding will help us expand our portfolio in India and globally, while also achieving our vision of providing energy services to users all over the world,” said Gautam Malhotra, Managing Director of FuelBuddy.

The startup has also forayed into the lubricants space with their partnerships with Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL).

“This round is a strategic investment to further the vision that we have for FuelBuddy to expand aggressively internationally. We are confident of its success in the international markets as well,” said SK Narvar.

FuelBuddy is already expanding to tier-two and tier-three cities and rural areas across the country and is working towards setting up operations in Africa, South Asia, and Dubai. The company claims to have more than 45,000 customers and operates in more than 130 cities.

“We have witnessed their sizable growth in the last few years and trust them to grow exponentially in the coming years too,” said Amit Dang, CFO of Jindal Power Limited.