Buyofuel, a city-based startup, bagged Rs 1.6 crore in seed funding
- ByTejika Bajaj | December 1, 2021
A city-based start-up, Buyofuel has bagged a seed funding of Rs 1.6 crore from an angel investment platform, Inflection Point Ventures. The firm was among the top 10 startups to receive funds in the first edition of Tamil Nadu Start-up Seed Grant Fund (TANSEED), 2021.
The company provides an online platform and marketplace for bio matters and wastes that are used for manufacturing biofuels. The app for Buyofuel connects raw material aggregators, biofuel manufacturers, fuel consumers and waste generators. The company now has around 600 customers, including big corporations, since its launch in May of 2020.
Kishan Karunakaran, the founder of Buyofuel said, “The seed funds will be used for strengthening the tech side and on-boarding new partners for developing their business and marketing activities.” Speaking about the ban on imports of biodiesel in 2018, Kishan added, “Government wanted to promote biofuel to convert wasted produced within the country into fuel. We started working on a platform to connect manufacturers and waste generators”.
The company is incubated by AIC RAISE, a business incubator from Rathinam Groups of Institutions. The platform is currently focused on Tamil Nadu, Kerala and Karnataka whereas they plan to expand to the markets of Gujarat and Maharashtra.
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