Pre-Series A Financing Led by Inflection Point Ventures Raises 11.5 Cr for Buyofuel

Tamil Nadu-based online marketplace for alternative fuels, Buyofuel has raised more than Rs 11.5 crore in a Pre-Series A round led by Inflection Point Ventures, a Gurgaon-headquartered angel investing platform. Venture Catalysts, LetsVenture, Lead Angels Fund, and Gruhas Proptech participated in the round. The funds raised will be used to develop product offerings, technology, and geographic expansion of the services.

Advertisment

The startup claimed to have the greatest supply base of customers and suppliers of quality-assured biofuels, as well as competitive prices for both garbage and biofuels. a buyer base with a monthly buy capacity of more than 6,00,000 tonnes and a seller base with a monthly sell capacity of more than 2,000,000 tonnes. It involves assisting consumers of non-renewable fuels in switching to low or zero-emission fuel sources and assisting in reducing their carbon emissions by switching to biofuels. With a daily supply of biodiesel, solid biofuels, and organic waste, Buyofuel now has over 1,600 confirmed registered consumers.

"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," said Kishan Karunakaran, Founder, and CEO of Buyofuel.

Ankur Mittal, Co-founder, and COO of Inflection Point Ventures stated that biofuels are an alternative fuel that can be used to replace the majority of common fossil fuels, including diesel, gasoline, and even compressed natural gas. The goal of Buyofuel is to grow the company while facilitating and streamlining the use of clean fuel alternatives. We at IPV are closely following the cleantech sector and have staked our claims on several business models, he continued.

Advertisment

Among the startup's clients are businesses like Aditya Birla, JSW, TVS Tyres, Ramco Cements, Dalmia Cements, Thermax, and many others. The business has over Rs 2 crore in monthly revenue.

According to data, the global biofuel market is worth $110 billion, with the Indian biofuel market currently valued at about $10 billion. The biofuel business in India is expanding quickly and is expected to reach $50 billion in the next years.