Online alternate fuel marketplace Buyofuel has secured over Rs 11.5 crore in a pre-Series A round led by Inflection Point Ventures. The round also saw participation of Venture Catalysts, LetsVenture, Lead Angels fund and Gruhas Proptech.
Previously, IPV led seed round in the Coimbatore-based startup in November last year.
The proceeds will be deployed towards expanding the services across geographies, development of product offerings as well as technology, Buyofuel said in a press release.
Founded by Kishan Karunakaran, Buyofuel is an online marketplace for all types of biofuels which completely digitises buying and selling biofuels and wastes. The two-year-old startup has the largest supply base of quality assured-biofuels and fuel consumers, offering economic prices for wastes and biofuels. It claims to have a buyer-base with purchasing capacity of more than 6,00,000 metric tonne per month and seller-base with sell capacity of more than 2,00,000 metric tonne a month.
Buyofuel says that currently it has over 1,600 verified registered users, with supply of biodiesel, solid biofuels and organic waste on a per-day basis. Its clients include Aditya Birla, JSW, TVS Tyres, Ramco Cements, Dalmia Cements, Thermax and many others. The company has recorded a monthly revenue of over Rs 2 crore.
Buyofuel competes with MyPetrolPump which was acquired FuelBuddy in May last year.
In May, Inflection Point Ventures launched Physis Capital, a $50 million AIF CAT II venture capital fund. According to IPV, the new fund will have a greenshoe option of $25 million, and will look to invest in 15-20 startups through pre-Series A to Series B funding rounds with check sizes ranging from $2 million to $10 million.