Buyofuel Raises Rs 11.5 Crore In Pre-Series A Funding
Buyofuel, an online alternate fuel marketplace, has raised over Rs 11.5 crore in a Pre-Series A round led by Inflection Point Ventures (IPV). Venture Catalysts, LetsVenture, Lead Angels Fund, and Gruhas Proptech also participated in the funding round.
As per the startup, the raised will be utilized to expand services across geographies and product and technology development.
Buyofuel | Sustainability Through Biofuels
Founded by Kishan Karunakaran, Buyofuel is an online marketplace that makes buying and selling green fuel trouble-free. The startup is working with a vision to strengthen the accessibility of the green fuel network to bring back an emission-free, clean environment.
Speaking about the development, Kishan Karunakaran, Founder and CEO of Buyofuel, said,
“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.”
The startup claims to have the largest supply base of quality-assured biofuels and fuel consumers, offering economical prices for wastes and biofuels.
Currently, Buyofuel has over 1600 verified registered users, with supply of biodiesel, solid biofuels and organic waste on a per-day basis. Buyofuel has a buyer base with purchasing capacity of more than 6,00,000 metric tonne per month and a seller base with a selling capacity of more than 2,00,000 metric tonne a month.
Commenting on the development, Ankur Mittal, Co-founder & COO of Inflection Point Ventures, said,
“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.”
Reputed companies like TVS Tyres, Aditya Birla, JSW, Ramco Cements, Dalmia cements, Thermax, and many others are registered users of Buyofuel.