Telangana-based clean energy startup Banyan Green Fuels has raised Rs 1 crore from Intellecap Impact Investment Network (I3N), as per a release. Existing investors also participated in this round.
I3N’s seven angel investors participated in the round, including Naveen Kshatriya, ex-regional Asia Pacific VP of BP-Castrol and founder of Kshatriya Ventures; Rema Subramanian of Ankur Capital, a Mumbai-based early stage impact fund.
Led by founder Nityanand Agrawal, Banyan Green Fuels is collecting and processing agricultural waste and supplying the processed waste to large corporations to meet their green fuel energy requirements. The start-up aims to provide 1 million tonnes of green fuel by 2017.
Agrawal, an alumnus of IIT-Kanpur, has over two decades of experience in technology and environment.
“We are excited to have the partnership of these hands-on investors as well as the entire Intellecap ecosystem. Our mission is to be the leader in providing green fuels across India, and target a supply of 1 million tonnes of green fuel by 2017,” said Agrawal.
“Efficiency on the field is crucial for scaling up, and we are working closely with the company to develop a robust model across stakeholders at the grassroots,” said Kshatriya.
“The investment is exciting because of Banyan Green’s potential to bring down energy costs as well as reduce our carbon footprint,” said Rema.
The network also recently concluded an undisclosed investment in an affordable medical device company. Early investments of the network include social enterprises such as LabourNet and AgroStar.
(Edited by Joby Puthuparampil Johnson)