Fuel delivery startup FuelBuddy has acquired Bengaluru-based MyPetrolPump in a cash and stock deal, the companies said without disclosing the deal value.
The deal will enable FuelBuddy to access newer geographies, customers and management bandwidth, the companies said in a joint statement.
“The combined strengths of the two leading companies in this space opens up new opportunities for us to aggressively go after the $100 billion market opportunity. We would now be able to serve customers from Tier II cities and expand our footprints to rural areas too,” said MyPetrolPump founders.
Following the completion of the deal, FuelBuddy will be able to serve both bulk and non-bulk customers.
“The synergy between the two organisations is huge and I 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,” Gautam Malhotra, founder of FuelBuddy, said.
Last month, Delhi-based FuelBuddy raised Rs 29.5 crore, whereas MyPetrolPump got Rs 14 crore in 2019 to expand its reach.
FuelBuddy is an app-based, IoT and cloud-enabled fuel delivery service. It works closely with three oil marketing companies, Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum.
Founded in 2016, FuelBuddy provides doorstep fuel delivery along with value-added services.
Financial Information Systems served as the financial consultant on the deal, while AMA Legal acted as the legal consultant.