Startups

City-based startup gets Rs 1.6 crore seed funding – Times of India


Coimbatore: Buyofuel, a city-based startup offering an online platform for the biofuel industry, has bagged a seed funding to the tune of Rs 1.6 crore from Inflection Point Ventures, an angel investment platform.
Buyofuel provides an online marketplace for bio matters and wastes that are used for manufacturing biofuels. The app connects raw material aggregators, biofuel manufacturers, fuel consumers, and waste generators.
The firm was among the top 10 startups to receive funds in the first edition of Tamil Nadu Startup Seed Grant Fund (TANSEED) 2021.
Incubated by AIC RAISE, a business incubator from Rathinam Groups of Institutions, the company now has more than 600 customers, including big corporates, since its launch in May last year.
“The seed funds would be used for strengthening the tech side and onboarding new partners for developing their business and marketing activities,” said Kishan Karunakaran, founder of Buyofuel.
Biofuel is basically known as the fuel manufactured from organic waste. But we define biofuel as fuel manufactured from any waste from human activity, he said
Ban on imports of biodiesel in 2018 triggered Kishan and his partners Sumanth Kumar and Venkateswaran Selvan in starting a platform for the biofuel industry. “Government wanted to promote biofuel to convert waste produced within the country into fuel. We started working on a platform to connect manufacturers and waste generators,” he said.
The platform is primarily focusing on Tamil Nadu, Kerala and Karnataka. Maharashtra and Gujarat are the markets in which the company is planning to expand, he said.
Incubation and business head of AIC RAISE Arun Raaj Manickaraj said the centre has nurtured 43 startups so far that are working on sustainable development goals (SDG) of the United Nations. tnn

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