AIC Raise’s startup gathers Rs.1.6 cr fund

Buyofuel, a startup incubated at Atal Incubation Centre Raise in Rathinam Institutions raised Rs 1.6 Crores in Seed Round led by Inflection Point Ventures.

Founded by Kishan Karunakaran, Sumanth Kumar, and Venkateswaran Selvan, Buyofuel has a registered user base of more than five hundred, Buyofuel is India’s first online platform for the biofuels industry, connecting raw material aggregators, biofuel manufacturers, fuel consumers, and waste generators all in one app.

Buyofuel aims to become the single largest player in the biofuel industry in India, in terms of sourcing for both biofuel manufacturers and consumers. The funds they have raised would be used for strengthening more on their technology, onboarding new partners for developing their business and marketing activities.

The company’s users include industry giants such as Ultratech Cements, Ramco Cements, Thermax, and Valeo. They have the capacity to supply more than a thousand metric tonnes of organic waste, eight hundred metric tons of solid biofuels, and more than eight hundred kilolitres of biodiesel.

Moving towards cleaner energy not only reduces the ill effects on the environment but also bolsters the journey in making India a trillion-dollar economy, said Ankur Mittal, Co-founder of Inflection Point Ventures. Inflection Point Ventures helps entrepreneurs to connect with diversified investors and provides experiential and monetary capital.