Online marketplace for alternative fuels, Buyofuel raises over Rs 11.5 cr in a Pre-Series A round led by Inflection Point Ventures (IPV). Venture Catalysts, LetsVenture, Lead Angels Fund, and Gruhas Proptech, all participated to the round.
The money raised will be used to develop product offerings, technology, and geographic expansion of the services, as per reported by Business World.
Buyofuel helps non-renewable fuel consumers move to low or zero emission fuels and biofuels. Buyofuel connects raw material aggregators, biofuel makers, fuel customers, and waste generators.
Kishan Karunakaran, Founder and CEO at Buyofuel says, “Buyofuel looks to 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 for a green India has been tremendously supported by IPV. IPV has continuously engaged with Buyofuel on a regular basis and has played a big part in the growth of Buyofuel. We are glad that Buyofuel got to benefit from the tremendous experience that IPV team brings with it.”
With a daily supply of biodiesel, solid biofuels, and organic waste, it now has over 1600 confirmed registered consumers. Large, well-known businesses like Aditya Birla, JSW, TVS Tyres, Ramco Cements, Dalmia Cements, Thermax, and many others are among their clients and registered users of Buyofuel. Over Rs 2 crore in monthly revenue has been generated by the company, as per reported by Business World.
Ankur Mittal, Co-founder & COO at Inflection Point Ventures said, “Biofuels are a powerful alternative fuel substitute for most of the mainstream fossil fuel options whether diesel, petrol or even CNG. Buyofuel has the ambition to scale its business and make the adoption of clean fuel options seamless and more efficient. At IPV, we are keenly watching the ESG and Cleantech segment and have made bets across different business models. We back the vision of Buyofuel founders and want to help them scale up faster.”
Buyofuel is an online marketplace that makes purchasing and selling green fuel simple. It was built on years of experience in the biofuel industry and is fueled with digital, social, and economic awareness.