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

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

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.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

News and Trends

Avis Hospital Secures USD 2.5 Mn from NABVENTURES

The funds will be deployed to expand the hospital's services into over 15 tier II and tier III cities, with a strong focus on rural outreach through mobile screening camps and advanced diagnostic technology.

Branding

Creating a Brand: How To Build a Brand From Scratch

Every business needs good branding to succeed. Discover the basics and key tips to building a successful brand in this detailed guide.

News and Trends

GenAI's Tryst With E-commerce

From streamlining developer workflows to hyper-personalizing consumer experiences, leading e-commerce platforms are integrating AI into the fabric of operations.

News and Trends

Why India Must Accelerate Post-Quantum Cybersecurity Now

The basic issue is that even if you have one quantum computer capable of breaking cryptography, then everybody else is at risk, says S Krishnan, Secretary, Ministry of Electronics and Information Technology

Business News

Nvidia CEO Says '100% of Everybody's Jobs Will Be Changed' Due to AI

Nvidia CEO Jensen Huang says AI will transform how people get work done.