FuelBuddy raises USD 20 million

Doorstep fuel delivery startup FuelBuddy on Monday said it has raised USD 20 million (over Rs 160 crore) from investors.

The investment was led by Naveen Jindal Group, Ravi Jaipuria Group and Nilesh Ved of UAE-based Apparel Group. The fresh funds will be used for expansion in India, overseas markets in the Middle East and North Africa region, and South East Asia, the company said in a statement.

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The funds will also be used to widen services to alternative energies such as electric vehicles and to enhance technology used, it added.