India’s online marketplace for biofuels and wastes, Buyofuel has raised over INR 1.6 crore in a Seed Round led by Inflection Point Ventures, one of India’s angel investment platforms. The funds raised will be utilised in expediting the marketing activities, working more on technology and signing new partnerships for business development.
Buyofuel currently has close to 500 verified registered users, with a supply capacity of more than 800 KL of biodiesel, 800 MT of solid biofuels and 1000 MT of organic waste on a per day basis. Many large reputed companies like Ramco Cements, Ultratech cements, Valeo and Thermax are registered users of Buyofuel. The startup is already replacing close to 500 MT of fossil fuels with biofuels on a monthly basis.
Ankur Mittal, Co-Founder, Inflection Point Ventures says, “Clean energy alternatives are the need of the hour. For India to become a trillion dollar economy, we are required to reduce dependency on fossil fuels and they also harm the environment. The Govt’s clear stand on clean energy has given this segment a big boost. At IPV, we have invested in a number of clean-energy startups and are witnessing their performance matrix show impressive numbers. Buyofuel is another step in that direction. We want to support sustainable, profit making startups and if they can make our planet better, then we are incentivised to support them even more.”
Kishan Karunakaran, CEO, Buyofuel says, “Buyofuel looks to become India’s single largest supply source of wastes for biofuel manufacturers and the single largest source of biofuels for fuel consumers over the next 12 months. It’s a great pleasure to receive IPV’s support to fulfil our aim. They bring so much more than funds to the table. IPV’s wide network across sectors offers us significant opportunities for market connections and partnerships that can help us scale up rapidly, further their solid team with significant expertise in key functions like finance compliments the strengths of our founding team very well.”