Biofuel startup Buyofuel raises Rs.1.6 Cr from IP Ventures

Coimbatore-based biofuel marketplace startup Buyofuel has raised INR 1.6 crore in a seed round led by angel investment platform Inflection Point Ventures. The startup will use the funds to expedite marketing activities, working on tech, and signing new partnerships for business development. Founded in mid-2020 by Kishan Karunakaran, Venkateswaran Selvan, and Sumanth Kumar, Buyofuel connects raw material aggregators, biofuel manufacturers, fuel consumers and waste generators on a single platform. It currently has more than 500 registered users and a supply capacity of more than 800 kl of biodiesel, 800 tonnes of solid biofuels and 1,000 tonnes of organic waste per day. Its clients include Ramco Cements, Ultratech Cements, Valeo and Thermax.