NEW DELHI: BiofuelCircle, a digital biomass and biofuels platform, has raised Rs 35 crore in bridge funding from existing investors to strengthen working capital and expand its technology-driven biomass supply chain as demand for renewable energy and sustainable biofuels grows in India.
The funding round was led by Spectrum Impact, with participation from Better Capital, Karma Capital and other existing investors. The company said the capital will be used to strengthen its biomass aggregation infrastructure and operational network, while complementing additional working capital financing.
Founded in 2020, BiofuelCircle operates a digital marketplace that connects farmers, biomass aggregators, suppliers, transporters and industrial consumers. The platform supports biomass sourcing through digital price discovery, logistics management, quality assurance and trade facilitation, helping convert agricultural residues into feedstock for clean energy.
The company said it has expanded its operations across 10 states, covering 800 villages, with a network of more than 170,000 farmers, 1,300 biomass suppliers and 400 industrial buyers. During FY2025-26, it also established 50 new Biomass Banks to strengthen its procurement and distribution network.
Suhas Baxi, Co-founder and Group CEO of BiofuelCircle, said the bridge funding reflects investor confidence in the company’s long-term strategy. He said the new capital, along with additional working capital facilities, would help accelerate biomass deliveries, create greater value for farmers, biomass suppliers and industrial consumers, and support the company’s planned Series B fundraising.
BiofuelCircle said rising demand for sustainable biomass, driven by India’s focus on energy security, industrial decarbonisation and the circular economy, is creating significant growth opportunities. The company aims to build a transparent and scalable biomass supply chain that supports renewable energy adoption while generating additional income opportunities for farmers and rural entrepreneurs.
