Intellecap Impact Investment Network (I3N or I-cube-N) has announced an investment in a Telangana-based Clean Energy startup Banyan Green Fuels. Seven angel investors from I3N have invested in this round. Existing investors Gopal Amin and Sanjay Jindal have also infused additional capital to bring the total raise to ~INR 10 million.
Led by experienced founder Mr. Nityanand Agrawal, Banyan Green Fuels is in the business of collecting and processing agricultural waste, and supplying this processed waste to large corporations to meet their green fuel energy requirements. In India, the latest energy efficiency rules have made it mandatory for large industrial plants to have ~5% of energy being produced from green sources. In addition, several upcoming clean fuel businesses are struggling for sufficient raw material. Banyan’s vision is to become a significant player on the supply side of agro waste.
Investing I3N members include Naveen Kshatriya, ex-Regional Asia Pacific VP of BP-Castrol and founder of Kshatriya Ventures, and Ankur Capital, Mumbai-based early stage impact fund. Speaking on the investment, Naveen Kshatriya said, “There is a tremendous amount of agro waste burnt every season in India. This is green gold, and has incredible potential to bring down energy costs as well as reduce our carbon footprint.” Rema Subramanian, Partner at Ankur Capital added, “We see tremendous potential in Banyan and the sector. Efficiency on the field is crucial for scaleup, and we are working closely with the company to develop a robust model across stakeholders at the grassroots.”
Banyan founder Nityanand, who is an alumni of IIT-Kanpur and has over 22 years of experience in technology and environmental sustainability, remarked, “We are excited to have the partnership of these hands-on investors as well as the entire Intellecap ecosystem. Our mission is to be the leader in providing green fuels across India, and target a supply of 1 million tons of green fuel by 2017.”
This is I3N’s ninth investment since its inception 2.5 years ago. The network also recently concluded an undisclosed investment in an affordable medical device company. Early investments of the network include celebrated social enterprises such as LabourNet and AgroStar that have successfully raised follow-on rounds at higher valuations, and iKure, Ketto, and Head Held High that are currently in the market for raising Series A investments. I3N Head Aditi Shrivastava concluded, “The appetite for social enterprises is increasing very quickly among Indian HNIs, family offices, and family foundations. While in regular startup sectors such as mobile and e-commerce, investors typically see models that are copy-cats of the west, India is at the forefront of innovation in impact sectors, which is extremely exciting. The new government has also garnered a lot of optimism in development of the country, which is spurring further interest in social enterprises.” I3N is inviting interested investors to join for their next social enterprise showcase coming up on January 22, 2015.
The Intellecap Impact Investment Network (I3N) is the largest angel network facilitating investments into early stage for-profit enterprises in the sectors of Agriculture, Clean Energy, Education, Financial Services, Healthcare, and Water & Sanitation. I3N sources and screens enterprises, and provides them with extensive consultations before showcasing them to its members. The network currently has over 65 members. I3N is an initiative of Intellecap, which is a pioneer in providing innovative business solutions to profitable and sustainable enterprises dedicated to social and environmental change. For more information, visit i3n