Buyofuel is revolutionizing the biofuel industry in India by addressing the inefficiencies within the biofuel supply chain through its innovative online marketplace. This platform not only connects raw material aggregators and biofuel manufacturers with consumers but also democratizes access to biofuels across India. By tackling the fragmented supply chain, Buyofuel enhances affordability and accessibility, ensuring a sustainable energy future for all stakeholders involved.
- Name: Buyofuel
- Year Founded: 2019
- Type of Company: Online biofuel marketplace
- HQ Location: Coimbatore, India
- Startup Founders: Kishan Karunakaran, Prasad P Nair, Sumanth Kumar Selvarasu, and Venkat Selvan
- One-liner: India’s 1st curated online B2B marketplace to buy and sell all kinds of biofuels and waste.
Progress and Current Status: Buyofuel has achieved an 80-fold revenue growth within two years and has established a presence in approximately 10 states across India. Its supply capacity ranges from 8000 to 12000 metric tons per month for biofuels and 5000 metric tons of raw materials. With over 2000 verified users, the platform has introduced a “Sustainability Dashboard” for real-time insights into environmental impact reduction and supports tree plantation initiatives for top transaction stakeholders.
Inspiring Story: The story of CEO Kishan Karunakaran, who overcame the challenges of scaling up biodiesel production in an industry lacking an established supply chain and public awareness, is truly inspiring. This journey led to the creation of Buyofuel, which has since transformed the biofuel landscape in India.
Company Role Model: Buyofuel aspires to emulate the ease and convenience of platforms like Amazon for its biofuel marketplace, automating technology to ensure seamless experiences for both buyers and sellers despite the challenges in the ever-evolving and unorganized biofuel landscape.
Future Outlook: In the next 3–5 years, Buyofuel aims to facilitate transactions involving at least 13 million tonnes of biofuels and waste, potentially reducing up to 10 million tonnes of CO2 emissions. This ambition aligns with the goal of decarbonizing industries in India and beyond, with plans for international expansion, initially focusing on Europe due to their commitment to achieving net-zero emissions.
Buyofuel stands as a testament to the potential of innovative startups to drive significant environmental and industry-wide changes, setting a benchmark for sustainable energy solutions in the biofuel sector.