BiofuelCircle Raises $0.75 Million In Second Round Seed Funding
The company aims to address the challenges around bioenergy supply chain and make a positive impact on not only the environment by reducing greenhouse emissions but also on the rural community
BiofuelCircle, an online marketplace designed for biomass and biofuels has raised $0.75 million in the second-round seed funding led by Spectrum Impact. The funding round also saw the participation of Better Capital, Dr. Sridhar Shukla and others. BiofuelCircle, as per a statement, started as a bootstrapped company and has raised $1.75 million since inception.
"We are delighted to close the second round of funding and look forward to expand our business with fresh funds that we have raised. We aim to widen our digital toolkit and launch our operations in North India by the end of this year. Clean energy is of utmost importance to our country right now and we aim to contribute towards making bioenergy supply chain more reliable and predictable," said Suhas Baxi, co-founder and CEO, BiofuelCircle.
BiofuelCircle's digital platform currently serves more than 400 active members, caters to over 50 biomass-based products. The company has set up a three-sided-e-marketplace connecting buyers and sellers along with service providers for transportation, warehousing and other supply chain services. BiofuelCircle has created a digital ecosystem to cater to the diversity of participants, where businesses from industrial and rural sectors can transact fairly, claimed by the company in a statement.
"The idea of optimizing waste that ends up in ashes or landfills causing pollution and using it to fulfill the energy need is crucial. We are glad to be a part of BiofuelCircle's journey and are positive that their solutions will evolve the sector at large. Their vision of ease of doing business, especially for rural participants by increasing the market reach and providing the option of price discovery is something we look forward to," said Vaibhav Domkundwar, CEO and founder, Better Capital.
Founded in 2021, BiofuelCircle is a Pune-based digital platform for green fuels, creating a farm-to-fuel ecosystem and currently operates in Maharashtra, Gujarat and Tamil Nadu. The company aims to address the challenges around bioenergy supply chain and make a positive impact on not only the environment by reducing greenhouse emissions but also on the rural community by providing economic value, clean energy and increased job opportunities.