Buyofuel raises Rs. 1.6 Cr from Inflection Point Ventures
Buyofuel announced on Thursday that it raised Rs. 1.6 crore in its seed round led by Inflection Point Ventures. The startup plans to use the capital raised to invest in marketing, working on its tech, and bringing onboard partnerships for business development.
Buyofuel CEO Krishnan Karunakaran stated, “IPV brings so much more than funds to the table. 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.”
Founded in 2020, the Coimbatore-based company aims to connect raw material aggregators, biofuel manufacturers, fuel consumers and waste generators on its platform.It aims to become the single largest source of biofuels in India over the next year.
Commenting on the investment, Inflection Point Ventures co-founder Ankur Mittal said, “Clean energy alternatives are the need of the hour. For India to become a trillion-dollar economy, we are required to reduce dependency on fossil fuels and they also harm the environment. The government’s clear stand on clean energy has given this segment a big boost.”
Follow Startup Story
Related Posts
