BiofuelCircle scales up rural infrastructure;to increase rural warehouses in FY25
BiofuelCircle recently completed an equity round raising of Rs 45 crore, led by Spectrum Impact and has signed a term loan agreement with Jio Finance for the balance investment.
)
Digital platform for bioenergy supply chain BiofuelCircle on Tuesday said it plans to expand its rural infrastructure and more than double its rural warehouses to 35 with an investment of Rs 75 crore in 2024-25.
BiofuelCircle plans to more than double its rural warehouses to 35 from 15 across key agricultural states including Uttar Pradesh, Haryana, Maharashtra, Gujarat, and Andhra Pradesh, the company said in a statement.
"We aim to connect over 70,000 farmers and aggregate more than 250,000 tonnes of biomass by the end of FY25. Our platform provides farmers access to modern infrastructure, turning agricultural waste into a valuable resource and contributing to a circular economy," BiofuelCircle co-founder and CEO Suhas Baxi said.
The company's mobile platform will deploy GPS and Telematics based apps to promote rural biomass businesses.
This expansion is aimed at streamlining biomass collection and enhancing rural entrepreneurship envisages a total investment of Rs 75 crore in FY25, the company added.
BiofuelCircle recently completed an equity round raising of Rs 45 crore, led by Spectrum Impact and has signed a term loan agreement with Jio Finance for the balance investment.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
