ECOIL Raises $2.5Mn in Series A Funding; Aims to Strengthen Biofuel Supply Chain in India

ECOIL, a platform focused on the collection and disposal of used cooking oil (UCO), has raised around $2.5mn in a Series A funding round led by Fundalogical Ventures, the company said in a statement released today.

The round also saw participation from Caspian Impact Investment, Momentum Capital and existing investor The Chennai Angels. Shell had earlier backed the company at the seed stage.

Founded in 2019 by Sushil Vaishnav and Kirti Vaishnav, ECOIL operates a technology-enabled network to collect used cooking oil from restaurants, hotels and other food businesses. The company said the funds will be used to expand operations, strengthen its technology platform and increase its presence across India.

"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," said Anil Saldanha from Fundalogical Ventures.

The founders of ECOIL also expressed confidence that Fundalogical's extensive experience in logistics, ports, and shipping will strengthen their operational capabilities as logistics forms the backbone of the model.

Used cooking oil is a key input for biodiesel and sustainable aviation fuel, but its supply in India remains fragmented and largely unorganised. The company aims to address this by building a structured collection and logistics network to improve traceability and ensure that waste oil is diverted away from the food chain.

The development comes as India looks to expand biofuel production, where availability of feedstock such as used cooking oil remains a constraint .

Right Pillar Advisors acted as the financial adviser on the transaction.