Innovation

Buyofuel.com is an innovative managed marketplace that is improving India's biofuel sector by tackling crucial supply chain inefficiencies. Mr Kishan Karunakaran and his co-founders created the platform, which connects waste providers, biofuel manufacturers, and major fuel consumers via a seamless, technology-enabled interface. This concept arose in reaction to the issues Kishan had faced during his early years in the biofuel industry, when fragmented sourcing, marketing difficulties, and a lack of government assistance frequently resulted in business failures. Buyofuel.com was founded after India's first biofuel policy was implemented in 2018, and it provides a timely response to the growing need for sustainable alternatives to fossil fuels.

The platform's originality stems from its holistic approach to biofuel production and distribution. Buyofuel.com assures fair pricing for waste generators and higher margins for manufacturers by eliminating middlemen and facilitating direct interactions between stakeholders, while also providing high-quality biofuels to fuel customers. Furthermore, it broadens the definition of biofuels by incorporating fuels obtained from various waste streams, such as plastic and tire trash, so supporting a circular economy. The technology also provides clients with real-time data dashboards to track their carbon reductions, encouraging accountability and raising awareness about sustainability targets.

Buyofuel.com aligns with the UN SDGs by advancing clean energy (SDG 7), developing efficient and sustainable industrial processes (SDG 9), encouraging responsible consumption and production (SDG 12), and contributing to climate action (SDG 13). This technology not only decreases emissions but also enables businesses to actively contribute in global sustainability initiatives by bridging the waste-to-energy gap.

Inspiration

Kishan Karunakaran’s journey in the biofuel sector began with his work in Tamil Nadu, where he set up the state’s first biodiesel plant in 2008. Reflecting on the challenges of that time, he said, “Most biofuel manufacturers, including me, or any biofuel manufacturer, were predominantly a one-man company with a few laborers.” The lack of government support and the dominance of subsidized fossil fuels made the business unsustainable.

Things started to change after 2015 when government policies began supporting biofuels. Kishan and his co-founders saw an opportunity to address key gaps in the industry. “We thought, a tech-enabled platform that plugged the gaps and made it easy for sourcing and at the same time made it easy for manufacturers to source feedstock and market,” he explained. This idea became the foundation for Buyofuel.com.

For Kishan, this business isn’t just about solving inefficiencies. It’s about taking meaningful action for the environment. “Sustainability is the core of what we do. It’s a conscious and committed effort to reduce emissions and promote circularity,” he said. His focus on both business and environmental impact has shaped Buyofuel.com into a platform that supports cleaner energy while making biofuels accessible for businesses.

Overall impact

The launch of Buyofuel.com brought both immediate and long-term changes to the biofuel industry. In the short term, it simplified the supply chain by cutting out middlemen and connecting waste generators directly with manufacturers and consumers. Kishan explained, “We connect the waste aggregators with generators directly to the same consumer.” This approach ensured better prices for sellers, higher margins for manufacturers, and reliable access to biofuels for businesses, making it easier for them to adopt sustainable practices.

In the long term, Buyofuel.com is driving significant reductions in fossil fuel use and emissions. “We have decreased emissions by offsetting usage of fossil fuels with biofuel,” Kishan shared, noting that they’ve already reduced 80,000 metric tons of CO2. The platform also offers clients real-time dashboards showing their emissions reductions, which encourages them to keep using biofuels and work toward sustainability goals.

The impact is backed by numbers. The platform has supported large-scale transactions, like selling over 1,000 tons of biofuels in a month. By broadening what counts as biofuels to include fuels made from waste like plastic and tires, Buyofuel.com has created more opportunities to reduce waste while addressing environmental issues. This innovation is helping businesses move toward cleaner energy solutions while contributing to larger sustainability goals.

Business benefit

By building Buyofuel.com, Kishan and his team addressed critical gaps in the biofuel supply chain, which helped the business grow steadily. As Kishan explained, “We actively participate in the transaction. We buy the waste, sell it to biofuel manufacturers, buy the biofuel, and sell it to fuel consumers.” This approach brought transparency and reliability to a fragmented industry, creating trust among clients and opening opportunities for new investments and partnerships.

The platform’s managed marketplace model also helped unlock new markets. By redefining biofuels to include fuels derived from diverse waste streams, such as plastic and tire waste, Buyofuel.com broadened its customer base and aligned with industries seeking innovative waste-to-energy solutions. “Each type of biofuel will become important in certain sectors,” Kishan said, emphasizing their focus on decarbonizing India’s largest fuel-consuming industries.

These efforts translated into measurable results. By building a robust supply chain, Buyofuel.com has achieved significant milestones, including selling over 1,000 tons of biofuels in a single month. These achievements not only highlight their financial success but also contribute to environmental sustainability. Additionally, the platform’s ability to simplify complex processes has increased customer retention and created long-term value, positioning Buyofuel.com as a leader in the biofuel industry. They have been listed as 'Top 100 cleantech company' by EAI and have been awarded 'Global Clean Energy Award' by Energy and Environment Foundation. Their innovation is featured in many press reports and a recent report by ET Insights have featured them on their platform stating how Buyofuel is transforming India’s biofuel landscape. 

Social and environmental benefit

The innovation behind Buyofuel.com directly benefits society and the environment by promoting the use of cleaner energy alternatives and reducing dependency on fossil fuels. By connecting waste generators, biofuel manufacturers, and fuel consumers through a tech-enabled platform, the business creates a circular economy where waste is transformed into valuable fuel. As Kishan explained, “We define biofuels as fuel from waste of any human activity,” which includes organic, plastic, and tire waste. This not only reduces landfill accumulation but also decreases harmful emissions caused by burning fossil fuels.

For society, the platform improves livelihoods, especially in rural areas, by ensuring fair prices for waste generators and simplifying processes for biofuel manufacturers. By cutting out middlemen, Buyofuel.com enables rural sellers to access better payment terms and focus on their core activities. Furthermore, large fuel consumers benefit from reduced emissions and compliance with sustainability goals, fostering a culture of environmental responsibility.

From an environmental perspective, the impact is significant. By replacing fossil fuels with biofuels, Buyofuel.com has already reduced 80,000 metric tons of CO2 emissions. Their focus on decarbonizing industries that contribute to 70% of India’s emissions further amplifies this benefit. Additionally, the platform’s real-time dashboard provides clients with visibility into their environmental impact, encouraging continuous improvement. This innovation not only addresses immediate energy needs but also supports long-term environmental sustainability, aligning with global goals like climate action and responsible consumption.

Interview

Kishan Karunakaran, Co-Founder, CEO