This article is created by The Better India and sponsored by WingifyEarth

Founded by Kishan Karunakaran, the Coimbatore-based Buyofuel is an online B2B marketplace for trading biofuel-based commodities that has earned clients like the TVS Group, ITC, UltraTech Cement, JSW Steel, and more.

In 2008, entrepreneur Kishan Karunakaran established a biodiesel manufacturing unit, where he commercialised one of the earliest second-generation biodiesel production technologies in the world, based on specific organic wastes.

“Back then, people had no knowledge of and were suspicious of biofuels. Used cooking oils (UCOs) were employed as the basic material for biodiesel. However, UCOs were entirely left open to adulteration. From 2010 to 2011, I used to visit several hotels and restaurants to spread awareness and collect UCOs for my own plant. Despite all these efforts, I was not able to generate any meaningful quantity of UCOs even with abundant availability,” recalls Kishan, a biofuels entrepreneur with over a decade of experience, speaking to The Better India.

In order to facilitate business for manufacturers, Kishan began conceptualising a way to streamline the aggregation of wastes and develop a biofuel ecosystem through technology.

“After all, since aggregating feedstocks (any biomass destined for conversion to energy or biofuel) for manufacturers was a significant barrier, my own experience as a biofuel producer inspired me to launch Buyofuel as a tech-enabled platform,” he recalls.

In May 2020, he established Buyofuel.

So, what is Buyofuel? Simply put, it’s an online B2B marketplace for trading biofuel-based commodities. Their ecosystem has a network of raw material aggregators, manufacturers, consumers, and waste generators, which Kishan argues “makes it easier to build connections within the biofuel community”.

“Buyers can view existing listings on our platform and can make their purchase based on price, volume, delivery time and other factors to ensure they get the best deal. They can even create a new open RFQ (request for quote) with their own specific requirements,” he explains.

“Sellers, meanwhile, can register and upload their offerings via listings, where they can also set their own prices and delivery terms. In addition, they can also quote the existing RFQ created by the seller. These ways enable sellers to get a direct connection with potential buyers or vice-versa for transactions,” he elaborates. Also, he claims that the Coimbatore-based Buyofuel “also provides a secure online payment gateway for buyers to pay for their purchases.”

In a nutshell, Buyofuel is a one-stop shop for buyers and sellers of biofuels.

The Buyofuel team helps corporates buy biofuels through their platform; Image courtesy: Buyofuel

Understanding the biofuel industry in India

Kishan, who has an MBA degree from the National University of Singapore following a bachelor’s degree in engineering, was first inspired by former President A P J Abdul Kalam to get into biofuels. Kalam was a major advocate for biofuels. In 2011, he claimed, “In a decade’s time, it may be possible that all the vehicles on the road will be run on 100% biofuel.” Although this prediction has fallen well short, his advocacy for biofuels inspired Kishan. 

After all, biofuels provide a sustainable energy system that is renewable, environmentally friendly and capable of utilising indigenous raw materials.

Globally, the most common types of biofuels in use today are bioethanol (used as a petrol substitute for road transport vehicles), biodiesel (produced using animal fats, vegetable oils, and UCOs), biogas (produced using food or animal waste which is broken down by microorganisms) and biobutanol (a renewable fuel produced from waste biomass feedstocks).

For more than a decade, biofuel has been used in India. Although there are many obstacles to its widespread adoption, the growth of this industry has been undeniable. For example, according to Statista, India’s biodiesel production grew from around 132 million litres in 2013 to 185 million in 2022. Meanwhile, ethanol production grew from 680 million litres in 2014-15 to 9,230 million litres in 2022.

But, despite the rising production of biofuels, problems persist.

“Despite the availability of surplus biofuel raw materials, lack of accessibility and regulation has halted growth in this sector. Moreover, low public awareness and technological know-how have also hindered progress. In addition to these barriers, there are also concerns about quality assurance, transparency and inadequate infrastructure — all of which have made it difficult for the industry to expand,” says Kishan.

However, he goes on to claim that through Buyofuel, “We aim to create an ecosystem where every stakeholder can build connections within the biofuel community.”

“By raising awareness of biofuels among farmers and other people, we hope that this nascent level will grow into something more substantial over time. Also, we provide transparency and quality assurance via technology so that biofuel stakeholders can do business with ease,” he adds.

Buyofuel app is available on Apple and Google Play.