Social VC Investments
BiofuelCircle raises Rs.45-Cr led by Spectrum Impact
Pune-based biomass and biofuel marketplace BiofuelCircle has raised INR 45 crore (USD 5.3 million) in a funding round led by Spectrum Impact with the participation of a few angels as well as the promoters of the company. BiofuelCircle would issue 3,27,551 compulsory convertible preference shares (CCPS) to raise the amount. The company has already received INR 24.3 crore.Launched in 2020, BiofuelCircle focuses on building an organised supply chain for biomass and biofuels. It offers buyers a subscription to the BiofuelCircle marketplace through prepaid and postpaid subscription plans, providing access to value-added services.The company claims to have recorded a 5x growth in its operating revenue to INR 11 crore during the fiscal year ended 2023. However, its losses surged by 80% to INR 6.8 crore during the same period.
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