Ecoil Secures Rs 3 Cr in Funding Round Led by The Chennai Angels
Dec 27, 2023
BusinessWire India
Jaipur (Rajasthan) [India], December 27: Ecoil, a pioneering eco-friendly gasoline production startup, has secured INR 3 Crores in a funding round led by The Chennai Angels, with participation from AIC Banasthali Vidyapith Foundation, Shell India, and other high-net-worth individuals.
Founded by Sushil Vaishnav and Kirti Vaishnav, Ecoil specializes in transforming used cooking oil and fats into biodiesel, offering comprehensive waste management solutions for manufacturers and fast-food outlets.
The funds acquired will be used to enhance liquid logistics, infrastructure, and automation, with additional investment in talent acquisition.
Founder Sushil Vaishnav highlighted the startup's mission, underscoring their dedication to tackling health risks and cutting carbon emissions by stating that, "In response to the alarming increase in heart attacks and critical diseases like cancer and Alzheimer's in India, we recognize the absence of a singular solution. Our focus is on the crucial yet often overlooked factor of correct 'used cooking oil disposal'."
He also added "Currently, over 60% of this oil is reintroduced into the food chain, leading to a dark, viscous material that elevates total polar compounds, contributing to critical diseases. Acknowledging the urgent need for change, our solution provides a transformative opportunity. By converting this life-threatening used cooking oil into biofuel, we address health risks and contribute to reducing carbon emissions. Our commitment is to foster a healthier and more sustainable future for India through responsible disposal and innovative biofuel conversion."
Elango Pandarinathan, the Lead Investor from The Chennai Angels and Former MD of Hindustan Oil Exploration Company, discussed the synergy between Ecoil and The Chennai Angels, stating, "A mere litre of Used Cooking Oil (UCO) can contaminate a staggering 10,000 litres of water! Ecoil stands out with its distinctive business model, ensuring complete traceability from the collection of oil to its conversion into biodiesel. The successful execution of their Model will help India to meet its future Sustainable Aviation fuel demand. TCA is thrilled to join forces with Ecoil in its mission to pave the way for a greener future through innovative waste-to-energy business concepts."
Mridula Ramesh, an Investor from The Chennai Angels and Founder of Sundaram Climate Institute, expressed, "Going circular is a no-brainer, and Ecoil, by building a traceable supply chain for used cooking oil, helps build energy security, green the hard-to-abate aviation sector and protect our health and environment. This is exactly the kind of startup that the Indian climate tech sector needs."
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