Jaipur-based clean energy startup Ecoil has successfully raised $2.5 million in its Series A funding round, led by Fundalogical Ventures. The round also saw participation from Caspian Impact Investment, Momentum Capital, and existing investor The Chennai Angels.
The startup plans to utilize the new funds to scale its operations, enhance its technology, and expand its market presence across India.
Founded in 2018 by Sushil Vaishnav and Kirti Vaishnav, Ecoil focuses on sustainability by collecting used cooking oil from various sources, including restaurants and cloud kitchens, and converting it into eco-friendly biodiesel.
Used cooking oil is a significant raw material for biodiesel and sustainable aviation fuel. However, it is often scattered across food outlets, leading to potential health risks when it re-enters the food chain without proper collection.
Ecoil's innovative approach aggregates used cooking oil from multiple small sources, preventing its improper reuse or disposal. This process not only mitigates health risks but also contributes to environmental sustainability.
Once collected, the oil is transported to processing facilities where it undergoes cleaning and filtration to eliminate food particles and impurities. The final step involves a chemical conversion process that transforms the oil into biodiesel, providing a cleaner alternative to traditional diesel.
In a competitive landscape, Ecoil faces rivals such as BioD Energy, Cercle X, and BiofuelCircle. The growth of cleantech startups like Ecoil highlights a broader trend in India's startup ecosystem, where sustainability and climate-focused innovations are becoming increasingly vital.
With over 200,000 startups in India, the cleantech sector is rapidly evolving, projected to reach a market value of $152.5 billion by 2030, driven by net-zero goals.
