Earlier than even pitching on stage at Y Combinator, href=”https://mypetrolpump.com/”> MyPetrolPump, the Indian startup with a automobile refueling enterprise has managed to snag $1.6 million in its seed financing.
The enterprise, which is analogous to startups within the U.S. like Filld, Yoshi, and Booster Fuels, took ten months to design and obtain approvals for its proprietary refueling vehicles that may face up to the distinctive stresses of offering logistics companies in India.
Along with co-founder Nabin Roy, a serial startup entrepreneur, MyPetrolPump co-founder and chief government Ashish Gupta pooled collectively $150,000 to construct the corporate’s first two refuelers and launch the enterprise.
MyPetrolPump started working out of Bangalore in 2017 working with a producing associate to make the 20-30 refuelers that the corporate expects it might want to roll out its preliminary companies. Nonetheless, demand is way outstripping provide, in response to Gupta.
“We would want a whole lot of them to satisfy the demand,” Gupta says. In reality the corporate is already creating a licensing technique that will see it franchise out the development of the refueling autos and regional administration of the enterprise throughout a number of geographies.
Bootstrapped till this $1.6 million financing, MyPetrolPump already has 5 refueling autos in its fleet and counts 2,000 prospects already on its ledger.
These are corporations like Amazon and Zoomcar, which each have large fleets of autos that want refueling. Already the corporate has delivered 5 million liters of gas with drivers working 12-hour-per-day shifts, Gupta says.
Whereas companies like MyPetrolPump have cropped up within the U.S. as a matter of comfort, within the Indian context, the corporate’s providing are extra of a necessity, says Gupta.
“Within the Indian context, there’s pilferage of gas,” says Gupta. Bus drivers collude with fuel station operators to skim cash off the highest of the order, charging for 50 liters of gas however solely getting 40 liters pumped in. One other drawback that Gupta says is frequent is the adulteration of gas with components that may degrade the engine of a automobile.
There’s additionally the environmental advantage of not having to go throughout to refill a automobile, saving gas prices by filling up a number of autos with a . single journey from a refueling automobile out to a location with a fleet of present autos.
The corporate estimates it could actually offset 1 million tons of carbon in a 12 months — and supply over 300 billion liters of gas. The mannequin has taken off in different geographies as properly. There’s Toplivo v Bak in Russia (which was acquired by Yandex), Gaston in Paris and Indonesia’s the whole lot mobility firm, Gojek, whose choices additionally embody refueling companies.
And Gupta is getting ready for the long run as properly. If the world strikes to electrification and electrical autos, the entrepreneur says his firm can deal with that transition as properly.
“We’re delivering a final mile gas supply system,” says Gupta. “If tomorrow hydrogen turns into the dominant gas we are going to try this… If there may be electrical energy we are going to try this. What we’re constructing is the comfort of final mile supply to vitality on the doorstep.”