BiofuelCircle, a marketplace for biomass and biofuel, secured a capital of Rs 45 crore ($5.3 million). The funding round was led by Spectrum Impact, with participation from a select group of angel investors and the company’s entrepreneurs.
The board of directors at BiofuelCircle has approved a resolution to issue 327,551 compulsory convertible preference shares in order to raise Rs 45 crore (equivalent to about $5.3 million).
The company has received a total of Rs 24.3 crore thus far, with the remaining amount still pending from the investors. Prior to this round, it had secured a total of $2 million in funding from Spectrum Capital, Better Capital, and other investors.
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BiofuelCircle’s primary objective is to establish a well-structured and dependable system for the distribution of biomass and biofuels. The platform discovers farmers seeking to sell their agricultural residue and facilitates their connection with neighboring storage facilities. The platform facilitates the connection between storage businesses and industries or refineries, enabling the sale of biomass. Moreover, these refineries are linked to industrial consumers that acquire the biomass.
Buyers have the option to subscribe to the BiofuelCircle marketplace using either prepaid or postpaid subscription plans. These plans also include access to value-added services.
About BiofuelCircle
Founded in 2020 by Suhas Baxi, Biofuelcircle is a digital platform for biomass and biofuel supply chains.
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