Inflection Point Ventures led 11.5 Cr Pre-series A funding raised by Buyofuel

Inflection Point Ventures, the leading investor in the Pre-Series A round, raised over 11.5 crores for the online marketplace for alternative fuels Buyofuel (IPV).

Venture Catalysts, LetsVenture, Lead Angels Fund, and Gruhas Proptech all contributed to the round. The money obtained will be used to create new products and technologies, as well as to extend services internationally.

The company offers reasonable pricing for trash and biofuels and has the broadest supply base of customers and suppliers of quality-assured biofuels. a buyer base with a monthly purchase capacity of over 6,00,000 metric tonnes and a seller base with a monthly selling capability of over 20,000 metric tonnes.

“Biofuels are a powerful alternative fuel substitute for most of the mainstream fossil fuel options whether diesel, petrol, or even CNG. Buyofuel has the ambition to scale its business and make the adoption of clean fuel options seamless and more efficient. At IPV, we are keenly watching the ESG and Cleantech segments and have made bets across different business models. We back the vision of Buyofuel founders and want to help them scale up faster,” said Ankur Mittal, Co-founder & COO, Inflection Point Ventures.

In the domain of alternative fuels, Buyofuel has emerged as having the greatest supplier and buyer base. By switching to biofuels, users of non-renewable fuels are reducing their carbon emissions and switching to fuels with low or no emissions.

“Buyofuel looks to mainstream biofuels as a major fuel in India’s energy mix by ensuring that biofuels contribute to more than 10% of India’s fuel consumption, Buyofuel’s journey for a green India has been tremendously supported by IPV. IPV has continuously engaged with Buyofuel on a regular basis and has played a big part in the growth of Buyofuel. We are glad that Buyofuel got to benefit from the tremendous experience that the IPV team brings with it,” said Kishan Karunakaran, Founder, and CEO, Buyofuel.

With a daily supply of biodiesel, solid biofuels, and organic waste, it now has over 1600 confirmed registered consumers. Large, well-known businesses like Aditya Birla, JSW, TVS Tyres, Ramco Cements, Dalmia Cements, Thermax, and many more are among their clients and registered users of Buyofuel. The business has tallied over 2 crores in monthly income.

By replacing the use of fossil fuels with biofuels made in India from domestic waste, Buyofuel seeks to make India energy secure and achieve its emission reduction targets. The global market for biofuels is $110 billion; India’s market is estimated at $10 billion and is expected to reach $50 billion within the next few years.