India’s 1st online marketplace for all types of biofuels and wastes, Buyofuel, has raised over USD 215K (INR 1.6 crore) in a Seed funding round led by Inflection Point Ventures on 11 November 2021.
[ 1 INR = 0.013 USD ]
Investors: One of India’s largest growing angel investment platforms, Inflection Point Ventures, led the latest funding round.
The Objectives behind the funding: The company plans to deploy the current proceeds to expedite the marketing activities, work more on technology and sign new partnerships for business development.
Founded in 2020 by a team with a cumulative experience of over 25 years in the biofuels & wastes sector and tech development, Buyofuel is a first of its kind pan-India B2B marketplace for all types of Biofuels and wastes. The startup’s platform helps fuel consumers to switch to biofuels easily and allows biofuel manufacturers to easily access organic wastes, enabling users to buy, sell and utilize low carbon, sustainable and biofuel in a hassle-free way. Buyofuel currently has about 500 verified registered users, with a supply capacity of over 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 Ultratech cements, Valeo, Ramco Cements, and Thermax are registered users of Buyofuel. The startup is already replacing around 500 MT of fossil fuels with biofuels on a monthly basis.
What the CEO has to say:
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.”
What the Investor has to say:
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.”
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