Buyofuel, the country’s online market for biofuels, has raised over Rs 1.6 crore ($215,600) in a seed round led by Inflection Point Ventures. The company aims to utilise the funds in expediting marketing activities, upgrading technology and forging partnerships, the company said in a statement.
Founded in 2020 by Kishan Karunakaran, Buyofuel functions in the large energy and fuels market in India. It empowers the biofuels industry by connecting raw material aggregators, biofuel manufacturers, consumers, and waste generators.
“Buyofuel looks to become India’s single-largest supply source of wastes for biofuel manufacturers and the biggest source of biofuels for fuel consumers over the next 12 months, " said Kishan Karunakaran, CEO, Buyofuel.
According to the statement, Buyofuel has a supply capacity of more than 800 kilo litres (KL) of biodiesel, 800 metric tonnes (MT) of solid biofuels, and 1000 MT of organic waste on a per-day basis. It claims to have 500 verified registered users.
“For India to become a trillion-dollar economy, we require to reduce dependency on fossil fuels, which also harm the environment”, said Ankur Mittal, Co-Founder, Inflection Point Ventures. The government’s clear stand on clean energy has given this segment a big boost, he added.
Founded in 2018, Inflection Point Ventures is an angel investing platform which supports new-age entrepreneurs by providing them with monetary and experiential capital, and connecting them to a diverse group of investors. The company plans to invest Rs 155 crore in 2021 across 60 start-ups.
Recently, Inflection Point Ventures invested ~ $1.5 million (around Rs 11.1 crore) in KRSV Innovative Auto Solutions Pvt Ltd, which runs auto spares platform Koovers.
India is currently the third largest consumer of energy in the world, importing more than 80% of its fuel requirements and generating more than 350 million MT of organic waste in the country.