Biofics raises ₹10.4 crore in Pre-Series A funding
The Hindu
Biofics Private Ltd. secures ₹10.4 crore in funding for Bio-CNG plant engineering, waste management solutions, and research and development.
Biofics Private Ltd., which is into Bio-CNG Plant Engineering Procurement & Construction (EPC) and decentralised waste management solutions, said it had raised ₹10.4 crore in a Pre-Series A funding round. The round was led by investor Gunavanth Vaid, with additional participation from Upaya Social Ventures.
The raised funds will be used to scale up the company’s operations and enhance its technological capabilities.
The funds will also support the company’s research and development efforts, with a focus on developing advanced bio-energy technologies and solutions to meet the rising demand for alternative fuels, the company said.
“Our primary goal is to use this funding to accelerate our growth and innovation,” Sunil Mahapatra, Promoter, Biofics Private Ltd., said in a statement.
“We are already working on a robust pipeline of 20 new projects, which will strengthen our position in the renewable energy market and help reach our goal of setting up 100 Compressed Bio Gas (CBG) projects pan India,” he said.
“For waste management, cities like Gurugram, Prayagraj, and Lucknow are key targets for our expansion, where we plan to address their waste management needs through decentralised solutions,” he added.
With a clientele in The Surat Diamond Bourse, Shri Jagganath temple in Puri, and Jindal Steel to name a few the company has a current order book of ₹500 crore.
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