Buyofuel raises Rs 11.5 crore in Pre-Series A funding round
- ByStartupStory | November 17, 2022
Online exchange gas market Buyofuel has raised over ₹11.five crore in a Pre-Series A spherical led through Inflection Point Ventures (IPV).
The spherical additionally noticed participation from Venture Catalysts, LetsVenture, Lead Angels Fund, and Gruhas Proptech. The finances raised might be utilized to amplify offerings throughout geographies, product and era development.
The startup has the most important delivery base of best assured-biofuels and gas consumers, imparting financial charges for wastes and biofuels. Buyer-base with shopping potential of greater than 6,00,000 metric tonne in step with month and seller-base with promote potential of greater than 2,00,000 metric tonne a month.
“Biofuels are an effective opportunity gas replacement for the maximum of the mainstream fossil gas alternatives whether or not diesel, petrol or maybe CNG. Buyofuel has an ambition to scale its commercial enterprise and make the adoption of easy gas alternatives seamless and greater efficient. At IPV, we’re keenly looking at the ESG and Cleantech phase and feature made bets throughout special commercial enterprise models. We lower back the imaginative and prescient of Buyofuel founders and need to assist them scale up faster,” stated Ankur Mittal, Co-founder & COO, Inflection Point Ventures.
Currently it has over 1600 proven registered customers, with delivery of biodiesel, strong biofuels and natural waste on a in step with-day foundation. Their customers consist of huge, reputed agencies like Aditya Birla, JSW, TVS Tyres, Ramco Cements, Dalmia cements, Thermax and lots of others are registered customers of Buyofuel. The organization has recorded a month-to-month sales of over ₹2 crore.
It seems to mainstream biofuels as a primary gas in India`s electricity blend through making sure that biofuels make a contribution to greater than 10% of India`s gas consumption, Buyofuel`s adventure for an inexperienced India has been exceptionally supported through IPV. IPV has constantly engaged with it on a normal foundation and has performed a huge component withinside the boom of Buyofuel. We are satisfied that Buyofuel was given the awesome enjoyment that IPV group brings with it,” stated Kishan Karunakaran, Founder and CEO, Buyofuel. Its features withinside the huge electricity & fuels marketplace in India. India is presently the 0.33 biggest client of electricity withinside the world, uploading greater than 80% of its gas necessities even as producing greater than 350 million tonnes of natural wastes inside India.
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