New Delhi: The online marketplace for biofuels and wastes, Buyofuel has raised over Rs 1.6 crore in a Seed Round led by Inflection Point Ventures, one of India’s largest growing 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.”
Buyofuel was selected as ‘Top 10 Startups of Tamil Nadu’ by Startup TN, Tamil Nadu Government. It has also been chosen as the ‘Top 10 startups’ in Headstart Kickstart 2021. Incubated in AIC Raise, India’s 1st dedicated UN SDG goals incubator, Buyofuel was also awarded by Misfits as ‘Top 30 Social Innovation Startups’ in South Asia.
The startup has the largest supply base of quality assured-biofuels and fuel consumers, offering economic prices for wastes and biofuels. Registering with the platform is a seamless experience as all the customers who visit the platform are 100% verified. The team at Buyofuel ensures 100% transparency with the customers, updating them with real time progress throughout the order execution. The consignment is tracked from loading point to unloading point with utmost diligence.
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.”
Buyofuel functions in the large energy & fuels market of India. India is currently the 3rd largest consumer of energy in the world, importing more than 80% of its fuel requirements while generating more than 350mn MT of organic wastes within India. Buyofuel looks to make India energy secure and meet its emission goals by substituting fossil fuel consumption with biofuels manufactured within India, from wastes generated within India.