Jaipur-based Ecoil, a startup specializing in eco-friendly gasoline production, has raised INR 3 Crores in funding to transform used cooking oil into biodiesel, thereby offering comprehensive waste management solutions and contributing to a greener and more sustainable future for India through its innovative waste-to-energy business model.
The funding round, led by The Chennai Angels and featuring contributions from AIC Banasthali Vidyapith Foundation, Shell India, and high-net-worth individuals, marks a pivotal moment for the company founded by Sushil Vaishnav and Kirti Vaishnav.
Transforming Cooking Oil Waste into Biodiesel for a Greener Future
Ecoil’s core mission is to address health risks and combat rising carbon emissions by transforming used cooking oil and fats into biodiesel. This offers comprehensive waste management solutions for manufacturers and fast-food outlets and contributes to a healthier and more sustainable future for India.
The newly acquired funds will be crucial in advancing liquid logistics, infrastructure, and automation, with a substantial investment directed towards talent acquisition. This strategic move aligns with Ecoil’s commitment to innovation and efficiency in its waste-to-energy business model.
Sushil Vaishnav, co-founder of Ecoil, emphasized the startup’s dedication to addressing health concerns and reducing carbon emissions. Recognizing the impact of incorrectly used cooking oil disposal on critical diseases, Vaishnav highlighted the urgency of change.
Currently, over 60 percent of used cooking oil finds its way back into the food chain, contributing to life-threatening health issues. Ecoil’s innovative solution converts this hazardous waste into biofuel, offering a transformative opportunity for responsible disposal.
Strategic Collaboration with The Chennai Angels
Elango Pandarinathan, Lead Investor from The Chennai Angels and Former MD of Hindustan Oil Exploration Company, spoke of the synergy between Ecoil and The Chennai Angels. He pointed out the significant environmental impact of used cooking oil, emphasizing that Ecoil’s traceable supply chain model sets it apart. This model, if successfully executed, could contribute to meeting India’s future Sustainable Aviation fuel demand.
Mridula Ramesh, an Investor from The Chennai Angels and Founder of Sundaram Climate Institute, hailed Ecoil’s commitment to building a traceable supply chain for used cooking oil. Going circular, she stated, is an imperative choice, highlighting how Ecoil’s efforts contribute to energy security, green the hard-to-abate aviation sector, and protect health and the environment.
The Chennai Angels: A Pillar in India’s Angel Investing Landscape
Established in 2007, the Chennai Angels stands as one of India’s most active Angel Investing groups. Comprising successful entrepreneurs and business leaders, TCA has invested over INR 135 Cr across 80 startups in India. Their support for Ecoil signifies the importance of innovative waste-to-energy concepts in driving a greener future.
Ecoil’s successful funding round and strategic collaborations underscore the global need for transformative solutions in the renewable energy sector. With a clear vision, robust financial backing, and a commitment to sustainability, Ecoil stands poised to revolutionize eco-friendly gasoline production, contributing to a greener and healthier tomorrow.
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