[Funding alert] Biofuel startup Buyofuel raises Rs 1.6 Cr from Inflection Point Ventures
Coimbatore-based Buyofuel said it will use the funding to expedite marketing activities, work on tech, and to sign new partnerships for business development.
Biofuel marketplace startupsaid on Thursday it raised Rs 1.6 crore in a seed round led by Infection Point Ventures, an angel investment platform.
The startup said it will use the funds to expedite marketing activities, working on tech, and signing new partnerships for business development.
Founded in mid-2020 by Kishan Karunakaran, Venkateswaran Selvan, and Sumanth Kumar, Coimbatore-based Buyofuel connects raw material aggregators, biofuel manufacturers, fuel consumers and waste generators on a single platform.
"IPV brings 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," said Kishan, CEO of Buyofuel, in a press statement.
The startup currently has more than 500 registered users, and 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. Its clients include Ramco Cements, Ultratech Cements, Valeo, and Thermax.
Buyofuel said it aims to become the single largest source of biofuels in India over the next 12 months.
"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 government's clear stand on clean energy has given this segment a big boost," said Ankur Mittal, Co-founder of Inflection Point Ventures.
"Buyofuel is another step in that direction," he added.
Countries around the world have been exploring ways to combat climate change at the COP26 climate conference. While many countries have committed to establishing zero-emission shipping routes, several others committed to boosting the use of green fuel for aviation to 10 percent.
Biofuels are being looked at as an alternative to coal, oil, and other fossil fuels because they're not only cheaper, but also cleaner to burn.
Edited by Megha Reddy