MyPetrolPump, an on-demand fuel delivery platform, based out of Bengaluru, has secured $1.62 million (approx ₹11 crore) as seed funding in a round led by Venture Highway Capital. While, Y Combinator also participated in the round.
The company said that the funds will be use to surge its business operations in Bengaluru as well as expanding in other cities.
With this round of funding, the company plans to reach over 10,000 enterprise customers, and is aiming to reach a GMV of $60 million.
MyPetrolPump was launched by Ashish Gupta in 2017. It is a first-of-its-kind on-demand fuel delivery service in India that attempted to solve an everyday problem faced by individual vehicle owners as well as corporates, schools, hotel chains, and so on.
Gupta said that the startup, since launch, had delivered over three million litres of fuel in Bengaluru, the only city it is operational so far, and garnered more than 2,000 B2B customers. Further, this growth was achieved purely by word-of-mouth.
Not only vehicle refuelling, but MyPetrolPump also fills up diesel generators at large commercial and residential complexes, and at hotels and guesthouses
The company claimed that as of January 2019, the startup processed over 30,000 orders so far, and generated revenue of Rs 15 crore in the last financial year.
Additionally, the average ticket size on the platform varies between 100-200 litres for small customers and 5,000 litres for large clients like Hilton, the company stated.
MyPetrolPump is a provider of SaaS-based petrol and diesel delivery solutions for individuals and theIndianWire has no knowledge about other platforms in the similar space. Hence, it can be said that is one-of-its-kind startup in this SaaS segment.