Buyofuel Raises INR 11.5 Crore In Pre-Series A Funding The fund raised will be utilised towards expanding the services across geographies, development of product offerings as well as technology
By Teena Jose
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Online alternate fuel marketplace Buyofuel has raised over INR 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 fund raised will be utilised towards expanding the services across geographies, development of product offerings as well as technology.
"Buyofuel looks to mainstream biofuels as a major fuel in India's energy mix by ensuring that biofuels contribute to more than 10 per cent 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," said Kishan Karunakaran, founder and CEO, Buyofuel.
The company has emerged with the largest seller and buyer base in the alternate fuel category. Buyofuel currently has over 1600 verified registered users, with a supply of biodiesel, solid biofuels and organic waste on a per-day basis. It aims to make India energy-secure and meet its emission goals by substituting fossil fuel consumption with biofuels manufactured within India, from wastes generated within India, claimed by the company in a statement.
"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," said Ankur Mittal, co-founder and COO, Inflection Point Ventures.
