 "Buyofuel")
Online alternate fuel marketplace Buyofuel has raised over Rs 11.5 crore in a pre-series A funding round led by Inflection Point Ventures (IPV). The round also saw participation from Venture Catalysts, LetsVenture, Lead Angels Fund, and Gruhas Proptech.
The funds raised will be put towards expanding the company’s services across geographies, development of product offerings as well as technology.
According to Ankur Mittal, co-founder and COO, Inflection Point Ventures, biofuels are a powerful alternative fuel substitute for most of the mainstream fossil fuel options whether diesel, petrol or even CNG.
“Buyofuel has an 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,” he added.
The start-up claims to have the largest supply base of quality assured-biofuels and fuel consumers, offering economic prices for wastes and biofuels.
The company further claims to have a buyer-base with a buy capacity of more than 600,000 metric tonnes/month and a seller-base with the sell capacity of more than 200,000 metric tonnes/month.
Kishan Karunakaran, Founder and CEO, 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," he added.
Buyofuel claims to currently have over 1,600 verified registered users. Their clients include Aditya Birla, JSW, TVS Tyres, Ramco Cements, Dalmia cements, Thermax, among others.
The company further says it has recorded a monthly revenue of over Rs 2 crore.
