Oil Now

Now Energy Solution Inc., operating as Oil Now, is a South Korean mobility startup that provides a platform for drivers to compare gasoline prices and manage vehicle expenses. The company was founded in 2016 by CEO Noh Hyeon-woo, who, motivated by his own frustrations with high and variable gas prices, sought to create a service that would help drivers save money. He drew inspiration from the food delivery app 'Baedal Minjok', aiming to create a similar review-based system for gas stations to enhance service quality and cost efficiency for consumers.

The core of Oil Now's service is its mobile application, which offers real-time gas price information for stations nationwide, leveraging data from the Korea National Oil Corporation (KNOC) and user-submitted reports. The platform's algorithm recommends optimal gas stations based on a combination of price, distance, and time. Initially launched as Puzzle Ventures, the company released its beta service in 2018, followed by a formal launch in 2019, quickly gaining traction and reaching number one in the Google Play Store's popular apps list. By January 2024, the app had surpassed 2 million users.

The platform has expanded its offerings to include a comprehensive vehicle management service, where users can track all car-related expenses like maintenance and insurance in a logbook format. It also features "OilPay," a QR code-based mobile payment system for a faster checkout experience at affiliated stations. In a strategic move to serve the B2B market, the company launched "Oilers," an app designed for gas station owners to monitor competitor pricing, receive real-time price change notifications, and access data on domestic and international oil price trends. The company also entered the fuel distribution business and operates its own branded gas stations. Recognizing the market shift, Oil Now incorporated an electric vehicle (EV) charging station locator into its app in 2022.

The company's business model encompasses both B2C and B2B services. Revenue is generated through its various platforms, including partnerships and services offered via the Oilers app and direct fuel distribution. The company has successfully secured multiple rounds of funding, including a Series A investment from Forest Partners, to fuel its expansion into vehicle maintenance, insurance, and e-commerce.

Keywords: gas price comparison, fuel savings, vehicle expense management, mobile payment, B2C mobile app, B2B gas station services, real-time fuel data, driver utility app, car maintenance log, EV charging locator, oil price data, mobility platform, fleet management, fuel retail technology, QR code payment