Banyan Green Fuels has raised Rs 1 crore from Intellecap Impact Investment Network (I3N) along with angel investors such as Naveen Kshatriya, founder of Kshatriya Ventures, and Rema Subramanian, Ankur Capital.
Banyan Green Fuels, a biomass supplier for cement, power and co-generation plants, was founded by Nityanand J Agarwal, an IIT-Kanpur alumnus in 2012. The Hyderabad based company has developed solutions and validated them for replacing coal by crop residues from crops like Red Gram and Cotton.
Its mission is to replace coal which is used as raw material in industries such as cement, power, and others with green fuels, generated from agricultural waste. Also, Green Fuels are more eco friendly compared to coal which produces carbon-di-oxide emission which may cause climate change, droughts, floods, and food insecurity.
“This is our second investment in a clean energy company. Banyan’s work is very simple and useful and is complimentary to the ecosystem,” said Aditi Shrivastava, Head, I3N, which marks its ninth investment overall with the startup.