Fundalogical Ventures led a $2.5 million Series A funding round for ECOIL, a platform that collects and disposes of used cooking oil.
Additionally, Caspian Impact Investment, Momentum Capital, and current investor The Chennai Angels participated in the round. As a seed investor, Shell had previously supported the business.
The money raised will be utilized to grow operations, fortify its technological foundation, and enter new Indian markets.
ECOIL, which was founded in 2019 by Sushil and Kirti Vaishnav, works with eateries, lodging facilities, and food companies to gather spent cooking oil and use it to produce biofuel and sustainable aviation fuel.
In order to improve the traceability, compliance, and aggregation of used cooking oil—a crucial feedstock for biodiesel and SAF—the company is developing a tech-enabled collection and logistics network.
Additionally, the startup is concentrating on integrating informal workers into the formal collection network and organizing a disjointed supply chain.
