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Biomass and biofuel marketplace BiofuelCircle is set to raise Rs 70 crore ($8.2 million) in a new funding round from existing investor Spectrum Impact, along with a group of angel investors and company promoters. This funding follows the $5.4 million Series A round raised in August last year, led by Spectrum Impact, as exclusively reported by platform. The Board at BiofuelCircle passed a resolution to issue 2,90,798 non-cumulative compulsory convertible preference shares at an issue price of Rs 2,407 each to raise the above-mentioned amount, as per its filing with the Registrar of Companies (RoC).
According to estimates, the Pune-based company is expected to be valued at around Rs 525 crore (approximately $62 million), representing an 86% increase from its previous valuation of Rs 282 crore ($34 million). The company has raised around $9 million to date from investors, including Spectrum Impact, Mumbai Angels, and others, according to the platform. BiofuelCircle nearly tripled its operating revenue to Rs 29 crore in FY24, while reducing losses by 28% to Rs 4.9 crore during the same period. BiofuelCircle competes directly with Buyofuel, which is backed by Inflection Point Ventures and LetsVenture.
About Biofuel Circle
BiofuelCircle has two co-founders: Suhas Baxi, the co-founder and CEO, who brings over 33 years of experience in energy, software, and manufacturing to the company, and Ashwin Savé, the co-founder and COO, focusing on building trust with the company’s stakeholders, particularly farmers. BiofuelCircle is a digital marketplace for biomass and biofuels that connects farmers, suppliers, and industries. Working on a subscription and transaction model, it enables price discovery, logistics, and trade finance while helping farmers monetize agri-residue.