Online marketplace for biofuels and wastes, Buyofuel has raised over Rs 1.6 crore in a Seed round led by Inflection Point Ventures. The funds raised will be utilised in expediting the marketing activities, working more on technology and signing new partnerships for business development.
Ankur Mittal, Co-Founder, Inflection Point Ventures says, “Clean energy alternatives are the need of the hour. At IPV, we have invested in a number of clean-energy startups and are witnessing their performance matrix show impressive numbers. Buyofuel is another step in that direction. We want to support sustainable, profit making startups and if they can make our planet better, then we are incentivised to support them even more.”
Buyofuel was selected as ‘Top 10 Startups of Tamil Nadu’ by Startup TN, Tamil Nadu Government. It has also been chosen as the ‘Top 10 startups’ in Headstart Kickstart 2021. Incubated in AIC Raise, India’s first dedicated UN SDG goals incubator, Buyofuel was also awarded by Misfits as ‘Top 30 Social Innovation Startups’ in South Asia.
Kishan Karunakaran, CEO, Buyofuel said, “Buyofuel looks to become India's single largest supply source of wastes for biofuel manufacturers and the single largest source of biofuels for fuel consumers over the next 12 months. IPV’s wide network across sectors offers us significant opportunities for market connections and partnerships that can help us scale up rapidly, further their solid team with significant expertise in key functions like finance compliments the strengths of our founding team very well.”
Buyofuel functions in the large energy & fuels market of India. India is currently the third largest consumer of energy in the world, importing more than 80 percent of its fuel requirements while generating more than 350mn MT of organic wastes within India.
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