Buyofuel raises over Rs 1.6 crore in Seed Round
Buyofuel, an online marketplace for biofuels and wastes located in India, has raised more than Rs 1.6 crore in a Seed Round headed by Inflection Point Ventures.The monies raised will be used to speed up marketing efforts, focus more on technology, and form new business alliances.
Buyofuel now has around 500 confirmed registered users, with a daily supply capacity of over 800 KL of biodiesel, 800 MT of solid biofuels, and 1000 MT of organic waste.”Clean energy options are the need of the hour,” Ankur Mittal, Co-Founder of Inflection Point Ventures, said of the investment in Buyofuel. To become a trillion-dollar economy, India must lessen its reliance on fossil fuels, which are also harmful to the environment. The government’s strong stance on clean energy has boosted this sector significantly.“
“At IPV, we have invested in several 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 incentivized to support them even more,” Mittal added.
“It’s a real pleasure to receive IPV’s help to complete our goal,” Kishan Karunakaran, CEO of Buyofuel, said of the crowdfunding. They bring a lot more to the table than just money. IPV’s extensive network across industries provides us with numerous opportunities for market connections and partnerships that can help us scale up quickly. Additionally, their solid team, which includes significant expertise in key functions such as finance, complements the strengths of our founding team very well.”
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