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Mumbai: India’s first online marketplace for biofuels and wastes, Buyofuel has raised over ₹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, “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."
The startup has the largest supply base of quality assured-biofuels and fuel consumers, offering economic prices for wastes and biofuels.
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. IPV’s wide network across sectors offers us significant opportunities for market connections and partnerships that can help us scale up rapidly."
India is currently the third-largest consumer of energy in the world, importing more than 80% of its fuel requirements while generating more than 350 mn 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.
