Ecoil, a clean energy startup, has raised about US$2.5 million in a Series A funding round led by Fundalogical Ventures.
Other investors in the round include Caspian Impact Investment, Momentum Capital, and the existing investor The Chennai Angels.
Ecoil plans to use this funding to grow its operations, enhance its technology, and expand into major markets across India.
Sushil Vaishnav and Kirti Vaishnav, Founders of ECOIL said, “We are excited to welcome Fundalogical Ventures as strategic partners in ECOIL’s journey. Their extensive experience in logistics, ports, and shipping will strengthen our operational capabilities. As logistics forms the backbone of our model, their guidance will help us accelerate expansion across India. Our mission is to ensure that every drop of used cooking oil is responsibly collected and managed.”
Anil Saldanha from Fundalogical Ventures said, “ECOIL is addressing a critical bottleneck in India’s biofuels ecosystem – reliable feedstock aggregation at scale. With increasing demand driven by biodiesel and SAF blending targets, the challenge lies in upstream collection and supply chain efficiency. We see this as a strategic opportunity to support ECOIL in strengthening sourcing, transparency and enabling reliable feedstock availability at scale.”
Vijayalakshmi NM from Caspian Impact Investment added, “We are pleased to back ECOIL in building a sustainable circular economy for used cooking oil, transforming a health and environmental hazard into a valuable resource for biofuel production. The company’s model also creates meaningful livelihood opportunities by integrating informal workers into the formal economy, driving both climate and social impact.”
Ankur Shrivastava from Momentum Capital added, “ECOIL demonstrates that India’s sustainability ethos can power global solutions. Circularity for used cooking oil has long been discussed, but building a traceable and reliable supply chain has remained a key barrier. Sushil and Kirti have shown that this problem is solvable, unlocking meaningful offtake that did not exist before. We are excited to be part of their journey and to support their global scale-up.”
Pulkit Bachhawat from Right Pillar Advisors said, “This transaction reflects a strong conviction in India’s rapidly evolving waste-to-energy and circular economy ecosystem. On the back of regulatory and sustainability tailwinds, ECOILhas developed a structured ecosystem for waste oil collection, preventing its entry into the food chain, while reducing the supply gap for the fast-growing biofuel industry”
Founded in 2019 by Sushil Vaishnav and Kirti Vaishnav, Ecoil gathers used cooking oil from places like restaurants, hotels, and other food businesses.
They use a smart system and delivery network to track the oil, follow rules, and send it to be turned into biofuel.
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