Buyofuel Raises over Rs 1.6 Cr in Seed Round Led by Inflection Point Ventures

India’s 1^st online marketplace for biofuels and wastes, Buyofuel has raised over Rs 1.6 crore in a seed round led by Inflection Point Ventures, one of the country’s largest growing angel investment platforms.

The company said that the funds raised will be utilised to expedite the marketing activities, work more on technology, and sign new partnerships for business development.

Currently, the company has close to 500 verified registered users, with a supply capacity of more than 800 KL of biodiesel, 800 MT of solid biofuels and 1,000 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.

Commenting on the development, Ankur Mittal, Co-Founder, Inflection Point Ventures, said, “Clean energy alternatives are the need of the hour. For India to become a trillion dollar economy, we are required to reduce dependency on fossil fuels and they also harm the environment. The Govt’s clear stand on clean energy has given this segment a big boost. At IPV, we have invested in a number of clean-energy startups and are witnessing their performance matrix show impressive numbers. Buyofuel is another step in that direction. 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.”

“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. It’s a great pleasure to receive IPV’s support to fulfil our aim. They bring so much more than funds to the table. IPV’s wide network across sectors offers us significant opportunity for market connects and partnerships that can help us scale up rapidly, further their solid team with significant expertise in key functions like finance compliments the strengths of our founding team very well,” said Kishan Karunakaran, CEO, Buyofuel.