Buyofuel, an online alternative fuel marketplace, has raised over Rs 11.5 crore (approximately $1.4 million) in a pre-series A round led by Inflection Point Ventures (IPV).
Venture Catalysts, LetsVenture, Lead Angels Fund, and Gruhas Proptech also participated in the round. The funds raised will be used to expand services across geographies, as well as to develop new products and technologies.
The startup has the largest supply base of quality assured-biofuels and fuel consumers, and it offers affordable waste and biofuel prices. Buyer-base with a monthly purchasing capacity of more than 6,00,000 metric tonnes and a monthly selling capacity of more than 2,00,000 metric tonnes.
Buyofuel has emerged as the alternate fuel category’s largest seller and buyer base. It assists nonrenewable fuel consumers in switching to low or zero emission fuel options, as well as in reducing carbon emissions by switching to biofuels.
It currently has over 1600 verified registered users who receive daily supplies of biodiesel, solid biofuels, and organic waste. Buyofuel’s registered users include large, reputable companies such as Aditya Birla, JSW, TVS Tyres, Ramco Cements, Dalmia cements, Thermax, and many others. The company has a monthly revenue of more than Rs 2 crore.
Buyofuel operates in India’s vast energy and fuels market. India is currently the world’s third largest energy consumer, importing more than 80% of its fuel requirements while producing more than 350 million tonnes of organic waste.
Buyofuel aims to make India energy secure and meet its emission targets by substituting biofuels manufactured in India from waste generated in India. Biofuels are a $110 billion global market, with the Indian biofuels market estimated at $10 billion and expected to reach $50 billion in the coming years.
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