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India-based online marketplace for biofuels and wastes, Buyofuel has raised over Rs 1.6 crore in a Seed Round funding led by Inflection Point Ventures.
The funds raised will be utilized in expediting the marketing activities, working more on technology, and signing new partnerships for business development.
Buyofuel currently has close to 500 verified registered users, with a supply capacity of more than 800 KL of biodiesel, 800 MT of solid biofuels, and 1000 MT of organic waste on a per-day basis.
Speaking on the investment in Buyofuel, Ankur Mittal, Co-Founder of 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 several 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 incentivized to support them even more,” Mittal added.
Commenting on the fundraise, Kishan Karunakaran, CEO of Buyofuel said, ” It’s a great pleasure to receive IPV’s support to fulfill our aim. They bring so much more than funds to the table. IPV’s wide network across sectors offers us significant opportunities for market connections 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.”