Ecoil Secures $2.5 Million to Enhance Clean Energy Solutions in India
Clean energy startup Ecoil raises $2.5 million in round led by Fundalogical Ventures
The Economic TimesImage: The Economic Times
Ecoil, a clean energy startup in India, has raised $2.5 million in a funding round led by Fundalogical Ventures. The funds will aid in expanding operations and technology to improve the collection of used cooking oil for biodiesel and sustainable aviation fuel production.
- 01Ecoil raised $2.5 million to enhance its operations and technology.
- 02The funding round was led by Fundalogical Ventures with participation from other investors.
- 03Ecoil focuses on collecting used cooking oil for biofuel production.
- 04The startup aims to address inefficiencies in the used cooking oil supply chain.
- 05Sushil Vaishnav and Kirti Vaishnav founded Ecoil in 2019.
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Ecoil, a clean energy startup based in India, has successfully raised $2.5 million in a funding round led by the early-growth stage venture capital firm Fundalogical Ventures. Other investors included Caspian Impact Investment, Momentum Capital, and existing backer The Chennai Angels. Founded in 2019 by Sushil Vaishnav and Kirti Vaishnav, Ecoil specializes in collecting and managing used cooking oil from various food businesses, including restaurants and hotels. The startup utilizes a technology platform and logistics network to ensure compliance and facilitate the conversion of this oil into biodiesel and sustainable aviation fuel (SAF). The company highlights the importance of organized collection systems, as used cooking oil often ends up improperly disposed of, posing health and environmental risks. Anil Saldanha from Fundalogical Ventures emphasized Ecoil's role in improving India's biofuels ecosystem by enhancing feedstock aggregation and supply chain efficiency. Momentum Capital's Ankur Shrivastava noted that Ecoil's efforts could unlock new opportunities in the biofuels market.
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Ecoil's expansion can lead to improved waste management practices and contribute to India's biofuel production, potentially reducing reliance on fossil fuels.
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