Indian online biofuel marketplace startup Buyofuel scores $1.4M in pre-Series A funding

In India, Mint reports the online biofuel marketplace startup Buyofuel has raised $1.4 million in pre-Series A funding led by Inflection Point Ventures, together with Venture Catalysts, LetsVenture, Lead Angels Fund, and Gruhas Proptech. The platform already has a buyer base of 600,000 metric tons per month and 200,000 tons of supply per month along with 1,600 verified users. The Indian government is pushing for E20 ethanol blends by 2025 and is easing up regulations on biodiesel, which the states are starting to implement.