MyPetrolPump to raise funds from central initiative – The New Indian Express
By PTI |
Published: 30th October 2017 06:40 PM |
Last Updated: 30th October 2017 07:00 PM | A+A A- |
Bengaluru, Oct 30 (PTI) City-based startup MyPetrolPump
today said it was keen to avail benefits under a central
government initiative to raise funds for extending their
technology solutions to detect and prevent fuel adulteration.
“Last week, the central government had unveiled a Rs 320
crore fund to support startups in the oil and gas sector. We
are keen on availing funds to extend our technology solutions
to detect and prevent fuel adulteration.We want to raise about
Rs 50 lakh for the purpose,” MyPetrolPump CEO Ashish Kumar
Gupta told PTI here.
MyPetrolPump claims it is the first startup in India to
run diesel door delivery (refuelling) business.
Oil Minister Dharmendra Pradhan had unveiled the Rs
320-crore fund last week to help promote innovation and new
business models in the oil and gas sector.
Gupta said MyPetrolPump’s initial prototype testing
results had shown significant promises to detect blue kerosene
adulteration in diesel fuel.
“We are further extending the solution for all variants
of diesel and kerosene blends for flow rates as low as 1 litre
per minute to 2,000 litre per minute,” he said.
The technology would not only solve diesel adulteration
problem for Oil Marketing Companies,but also protect consumers
from getting adulterated fuel into their equipment,Gupta said.
The startup has helped more than 300 apartment complexes
in Bengaluru get their diesel gen sets refuelled safely on
“We have supplied more than 50,000 litres so far,” he
“With our direct-to-equipment state-of-the-art
refuelling system, these 300 plus apartment associations have
saved average diesel pilferage of Rs 2.4 lakh on monthly
basis that was happening during diesel transportation or
loose storage in jerry cans and drums earlier,” he added.
The deliveries were stopped for two months, from July to
August end, after Petroleum and Explosives Safety Organisation
(PESO) directed state-run OMCs and private retailers not to
sell fuel, citing “safety.”
ANB Fuels, under the brand MyPetrolPump, had launched its
operations from June 18 with three delivery vehicles, each
with a capacity of 950 litres, but had to suspend the delivery
within four days of launch due to a PESO circular to oil
companies to stop providing fuel to it.
Replying to a query, Gupta said the startup resumed
operations in September as it believes the firm is completely
a legal entity adhering to the existing guidelines and rules
under the petroleum act.
“We welcome government’s approach towards bringing
specific guidelines, which will allow doorstep delivery model
to be implemented across India by several other startups like
us,” he said. PTI BDN RA APR
This is unedited, unformatted feed from the Press Trust of India wire.
Copyright – newindianexpress.com 2017