Biomass and biofuel marketplace BiofuelCircle has secured ₹45 crore in funding, led by Spectrum Impact, with contributions from several angel investors and the company’s promoters, reported Entracker.
The BiofuelCircle board has approved the issuance of 327,551 compulsory convertible preference shares to raise the ₹45 crore, as detailed in its regulatory filing with RoC.
To date, the company has received ₹24.3 crore, with the remaining amount yet to be provided by investors. Prior to this funding round, BiofuelCircle had raised $2 million from Spectrum Capital, Better Capital, and others.
According to the company’s website, BiofuelCircle has set up a Digital platform for Bioenergy Supply Chain. The platform has helped set up a unique farm-to-fuel ecosystem that connects farmers, rural enterprises, biomass processors, to industries wanting to replace fossil fuels with sustainable biofuels. BiofuelCircle aims to be a catalyst for India’s energy transition roadmap.
