Biofuel marketplace Buyofuel has raised $550K non-dilutive capital via Recur Club. In November last year, Buyofuel had raised Rs 11.5 crore in its pre-Series A round.
The funds will be allocated for working capital needs, to optimize cash flows and to manage liquidity on the platform. The firm also plans to double down on its international expansion, and technological advancements, Buyofuel said in a press release.
Buyofuel offers all types of biofuels and organic wastes which helps fuel consumers to easily switch to biofuels and allows biofuel manufacturers to easily access organic wastes, enabling users to buy, sell and utilize low carbon and sustainable fuel in a hassle-free way.
Founded in 2021 by Abhinav Sherwal and Eklavya Gupta, Recur Club assesses its customer’s key metrics by integrating with its accounting, billing and subscription management systems. It works with all companies with predictable annual revenue from existing customers of at least $100k.
The startup is currently working with Avatar Ventures-backed Heal Software, Keka HR, Apis Partner-backed Xoxoday, co-living firm Hooliv etc.
