SUMMARY
- BiofuelCircle has recently raised Rs 45 crore or $5.3 million in a Series A round led by Spectrum Impact alongside some angel investors and company promoters.
- The company board made a motion to issue 3,27,551 compulsory convertible preference shares to obtain the sum.
- It has been estimated at around Rs 282 crore or $34 million post-allotment.
Biofuel and biomass marketplace BiofuelCircle has recently raised Rs 45 crore or $5.3 million in a Series A round led by Spectrum Impact alongside some angel investors and company promoters.
The company board made a motion to issue 3,27,551 compulsory convertible preference shares to obtain Rs 45 crore according to the regulatory filing from the Registrar of Companies (RoC). It has been estimated at around Rs 282 crore or $34 million post-allotment.
The Pune-based company has received Rs 24.3 crore till now while the rest of the sum is yet to be infused by the investors. Prior to this round of funding, it has received $2 million from Spectrum, Better, and other investors.
BiofuelCircle was founded in 2020, it aims to make biomass and biofuel sourcing more professional and efficient. The platform finds farmers who wish to sell their agricultural residue, and then it links them to the storage facilities around the area. The platform also links these storage companies to factories or refineries where the biomass would be sold.
Also, these refineries are linked to industrial users who buy the biomass produced by these plants. It also allows buyers to make subscriptions to the BiofuelCircle marketplace on prepaid as well as post-paid subscription models to use the facility along with access to other value-added services.
BiofuelCircle competes with Inflection Point Venture and Venture Catalysts-backed Buyofuel. The company’s topline grew fivefold to Rs 11 crore in the operating revenues during the financial year 2022-23 while its losses jumped 80% to Rs 6.8 crore in the same period. The annual statement for FY24 have not been filed by the company yet.
Its lead investor Spectrum Impact has invested in a number of growth-stage startups including Atomberg, Miko, Log9, Dozee, Kreedo, Turno, Falcon Labs, Blue Sky Analytics, and more.
Source: Entrackr
