Online alternate fuel marketplace Buyofuel has raised over Rs 11.5 Cr in a Pre-Series A round led by Inflection Point Ventures (IPV).
The round also saw participation from Venture Catalysts, LetsVenture, Lead Angels Fund, and Gruhas Proptech. The funds raised will be utilised towards expanding the services across geographies, development of product offerings as well as technology.
The startup has the largest supply base of quality assured biofuels and fuel consumers, offering economic prices for wastes and biofuels. Buyer-base with buy capacity of more than 6,00,000 metric tonnes/month and Seller-base with sell capacity of more than 2,00,000 metric tonnes/month. For sellers, registering with the platform is a seamless experience as all the customers who visit the platform are 100% verified. The team at Buyofuel ensures 100% transparency with the customers, updating them with real-time progress throughout the order execution. The consignment is tracked from the loading to the unloading point to ensure timely delivery.
Ankur Mittal, Co-founder & COO, Inflection Point Ventures said “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.”
Buyofuel is an online marketplace for all types of biofuels and wastes with a complete digitized interface. The Company has emerged with the largest seller and buyer base in the alternate fuel category. It is helping non-renewable fuel consumers to switch to low or zero emission fuel options and helping them to cut their carbon emissions by moving to biofuels.
Kishan Karunakaran, Founder and CEO, Buyofuel says, “Buyofuel looks to mainstream biofuels as a major fuel in India’s energy mix by ensuring that biofuels contribute to more than 10% 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.”