Buyofuel, an online marketplace for biofuels and wastes, has raised Rs 1.6 crore in a seed round led by Inflection Point Ventures.
The proceeds will be used in marketing activities, business development and upgrading the current tech stack.
Founded in mid 2020, the Chennai-based startup claims to have one of the largest supply bases of biofuels and verified fuel consumers. The platform also ensures 100% transparency and real-time progress throughout order execution to its customers.
Buyofuel currently has close to 500 verified registered users, with a supply capacity of more than 800 KL of biodiesel, 800 MT of solid biofuels and 1000 MT of organic waste on a per-day basis.
Large companies like Ramco Cements, Ultratech Cements, Valeo and Thermax are registered users of the firm. The startup also claims to replace close to 500 MT of fossil fuels with biofuels on a monthly basis.
