[NEWS] With Y Combinator’s seal of approval, MyPetrolPump raises $1.6 million for its car refueling business – Loganspace

[NEWS] With Y Combinator’s seal of approval, MyPetrolPump raises $1.6 million for its car refueling business – Loganspace

Even before pitching onstage atY Combinator,Indian automobile refueling startupMyPetrolPumphas managed to snag $1.6 million in seed financing.

The enterprise, which is equivalent to startups in the U.S. treasure Filld, Yoshi and Booster Fuels, took 10 months to invent and receive acclaim for its proprietary refueling trucks that can withstand the abnormal stresses of offering logistics products and services in India.

In conjunction with co-founder Nabin Roy, a serial startup entrepreneur, MyPetrolPump co-founder and chief government Ashish Gupta pooled $150,000 to maintain the company’s first two refuelers and launch the enterprise.

MyPetrolPump started working out of Bangalore in 2017 working with a producing accomplice to maintain the 20-30 refuelers that the company expects this is able to fetch to roll out its initial products and services. Alternatively, request is powerful outstripping offer, in step with Gupta.

“We would need hundreds of them to fulfill the request,” Gupta says. Truly the company is already making a licensing formula that would possibly maybe watch it franchise out the improvement of the refueling vehicles and regional administration of the enterprise right by multiple geographies. 

Bootstrapped till this $1.6 million financing, MyPetrolPump already has 5 refueling vehicles in its snappy and counts 2,000 customers already on its ledger.

These are firms treasureAmazonand Zoomcar, which both fetch huge fleets of vehicles that need refueling. Already the company has delivered 5 million liters of gasoline with drivers working day-to-day 12-hour shifts, Gupta says.

While products and services treasure MyPetrolPump fetch cropped up in the U.S. as a topic of convenience, in the Indian context, the company’s offering is extra of necessity, says Gupta.

“In the Indian context, there’s pilferage of gasoline,” says Gupta. Bus drivers collude with gasoline region operators to race money off the head of the portray, charging for 50 liters of gasoline however simplest getting 40 liters pumped in. One other command that Gupta says is frequent is the adulteration of gasoline with additives that can degrade the engine of a automobile.

There’s additionally the environmental honest steady thing about now not having to trail in all places to top off a automobile, saving gasoline charges by filling up multiple vehicles with a single scamper from a refueling automobile out to a region with a snappy of existing vehicles.

The company estimates it will offset 1 million different carbon in a one year — and offer better than 300 billion liters of gasoline. The mannequin has taken off in diversified geographies as neatly. There’s Toplivo v Bak in Russia (which changed into acquired byYandex),Gastonin Paris and Indonesia’s everything mobility company,Gojek, whose offerings additionally consist of refueling products and services.

And Gupta is making ready for the future as neatly. If the field moves to electrification and electric vehicles, the entrepreneur says his company can handle that transition as neatly.

We are turning in a closing-mile gasoline delivery machine,” says Gupta. “If tomorrow hydrogen becomes the dominant gasoline we can attain that… If there would possibly maybe be electricity we can attain that. What we’re constructing is the ease of closing-mile delivery to vitality at your step.”

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