Buyofuel, an online alternate fuel marketplace has raised over Rs 115 million in a Pre-Series A round led by Inflection Point Ventures (IPV). Gruhas Proptech, LetsVenture, Venture Catalysts, and Lead Angels Fund also participated in the round. The funds raised will be used to extend services across geographies, develop product offerings, and advanced technologies.
As per the company’s statement, the startup has the largest supply base of quality assured-biofuels and fuel consumers, offering economic prices for wastes and biofuels. It has a buyer-base with buy capacity of more than 6,00,000 metric tonnes per month and seller-base with sell capacity of more than 2,00,000 metric tonnes per month. Reportedly, Buyofuel is the only online marketplace for all types of quality assured biofuels and wastes with a complete digitised interface. The company has emerged with the largest seller and buyer base in the alternate fuel category. Buyofuel currently has over 1,600 verified registered users, with a supply of biodiesel, solid biofuels and organic waste on a per-day basis.