Online biofuel marketplace Buyofuel raises Rs 11.5Cr in funding led by Inflection Point Ventures
Online alternative fuel marketplace Buyofuel has raised over Rs 11.5 crore in a pre-Series A round led by Inflection Point Ventures (IPV), a Gurugram-based angel investment firm.
Venture Catalysts, LetsVenture, Lead Angels Fund, and Gruhas Proptech also participated in the round. The startup plans to use the acquired capital to expand services across geographic areas, and develop product and technology offerings.
Buyofuel says it has the largest supply base of quality-assured biofuels and offers economical prices for waste and biofuels to fuel consumers. A buying base with a buying capacity of more than 6,00,000 metric tons/month and a seller base with a selling capacity of more than 2,00,000 metric tons/month.
“Buyofuel looks at mainstream biofuels as a major fuel in India’s energy mix by ensuring that biofuels contribute to more than 10% of India’s fuel consumption. Buyofuel’s journey to green India has been tremendously supported by IPV.
IPV regularly works with Buyofuel and plays a big role in the growth of Buyofuel,” said Kishan Karunakaran, Founder, and CEO of Buyofuel.
Buyofuel claims to be the only online marketplace for all types of biofuels and waste with guaranteed quality with a complete digitized interface.
The startup has emerged with the largest seller and buyer base in the alternative fuel category, helping consumers of non-renewable fuels switch to low- or zero-emission fuels and helping them reduce carbon emissions by switching to biofuels.
Commenting on the investment, Ankur Mittal, Co-Founder and Chief Operating Officer of Inflection Point Ventures said, “Biofuels are an effective alternative fuel replacement for most conventional fossil fuel options, be it diesel, petrol, or even CNG.
Buyofuel has the ambition to expand its business and ensure a seamless and more efficient adoption of clean fuel options. At IPV, we closely monitor the ESG and Cleantech segment and bet across different business models.”
According to a company statement, India is currently the 3rd largest energy consumer in the world, importing more than 80% of its fuel requirements while producing more than 350 million tonnes of organic waste in India.
Buyofuel said it aims to make India energy secure and meet its emissions targets by replacing fossil fuel consumption with biofuels made in India from waste generated in India.
Today the biofuels market is worth USD 110 billion globally, with the Indian biofuels market currently around USD 10 billion, the Indian biofuels market is growing rapidly and is likely to reach USD 50 billion in the next few years.
Last year, Buyofuel was selected as “Top 10 Startups of Tamil Nadu” by Startup TN, Government of Tamil Nadu.
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