Angel Investments
Alternative fuel marketplace Buyofuel raises Rs.11.5 Cr from IP Ventures, others
Coimbatore-based online alternative fuel marketplace Buyofuel has raised over INR 11.5 crore in a pre-Series A round led by Inflection Point Ventures (IPV) with participation from Venture Catalysts, LetsVenture, Lead Angels Fund, and Gruhas Proptech. Founded by Kishan Karunakaran, Buyofuel helps non-renewable fuel consumers switch to low or zero emission fuel options enabling to them to cut their carbon emissions. Currently it has over 1600 verified registered users, with a supply of biodiesel, solid biofuels and organic waste on a per-day basis. The firm's clients include companies like Aditya Birla, JSW, TVS Tyres, Ramco Cements, Dalmia cements, and Thermax. The funds will be used to expand services across geographies, for development of product offerings as well as to strengthen technology.
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