Upaya Social Ventures Invests in Biofics to Accelerate India’s Waste Management and Bioenergy Innovations
Biofics is Upaya’s 40th investment in early-stage social businesses dedicated to creating dignified jobs in India.
Bangalore, India | August 27, 2024
Upaya Social Ventures is excited to announce its investment in Biofics Private Limited, a company specializing in Bio-CBG plant EPC and end-to-end decentralized waste management solutions. This investment marks a significant milestone in Upaya’s ongoing mission to support social enterprises that create dignified jobs in India’s waste management sector.
Biofics, headquartered in Surat, is a leading company in India's bioenergy and waste management sector. The company offers comprehensive solutions for sustainable waste management through its Bio-CBG EPC projects, smart decentralized waste-to-energy units, organic waste composting technology, and expert waste management services. By focusing on innovative products and services, Biofics not only reduces the environmental impact of waste but also creates quality jobs for sanitation workers.
Sunil Mahapatra and Vikas Mishra, founders of Biofics, expressed their gratitude on the funding stating, “investing in sustainable solutions is not just a commitment to our planet, but our pledge to future generations. At Biofics, we are dedicated to transforming waste into wealth, creating a cleaner, greener world while driving economic growth. Biofics is delighted to have a socially-driven organization like Upaya on board which will allow us to dive deeper into improving the welfare of our workers while also focusing on the growth of our company. We are looking forward to creating a more positive impact on our environment and society, and ultimately transitioning towards a zero waste economy.”
Biofics' commitment to the principle of “Zero Waste to Landfill” has already diverted 100 million tonnes of waste from landfills, meeting India’s growing energy needs, improving the overall quality of agricultural produce, and reducing greenhouse gas emissions. Their subsidiary, Biofics Organics is a trusted developer of high-quality biofertilizers and biopesticides with promising results for farmers across the country, and serves as a solution for “Bio-slurry Recycling systems.”
Ankur Mehta, Director of Investments and Portfolio at Upaya Social Ventures, commented on the investment, saying, “innovative and R&D-focused companies like Biofics are key to addressing India’s waste management challenges and with this investment, Upaya deepens its participation in the waste management space. While this sector presents a huge potential to bring the traditionally informal waste workers into the formal workforce, it also offers a unique opportunity to augment circularity by transforming waste into valuable resources, thereby promoting sustainable practices and economic empowerment within the community. Biofics does just that by converting wet waste into value through its multi-prong approach. Sunil and Vikas, who are passionate about climate and social impact, have shown immense resilience and resourcefulness to build a formidable business. We are excited to be a part of their journey.”
As part of its Pre-Series A funding round, the company also recently received significant investment from Gunavanth Vaid, a Chennai-based renowned investor in sustainable technologies and green energy solutions, enabling a collaborative approach for Biofics to excel in the waste management, bio-energy, and bio-fertilizer sector.
He echoed Upaya’s sentiment stating, “Biofics is at the forefront of a crucial transition towards sustainable energy solutions. Their expertise in Bio-CBG technology not only addresses environmental challenges but also provides economic benefits through the creation of green jobs and sustainable infrastructure. I am excited to support their journey and witness their impact on the industry.”
Biofics is well-positioned to capitalize on the growing demand for sustainable waste management and renewable energy solutions. With over 500 projects across India and an order book nearing INR 500 crore, Biofics is set to play a crucial role in the expansion of the Bio-CBG and solid waste management sectors.
With the support of its investors, Biofics plans to scale its operations, enhance its technological capabilities, and broaden its market reach. The funding will enable Biofics to develop more advanced Bio-CBG plants, invest in research and development, and create additional dignified jobs, furthering its mission to revolutionize India’s waste management and bioenergy landscape.
ABOUT UPAYA SOCIAL VENTURES:
Upaya Social Ventures is a nonprofit organization building an inclusive economy by providing investment and support to early-stage businesses creating dignified jobs for people living in the most extreme poverty.
Upaya’s award-winning, impact-first model seeks out and supports oft-overlooked companies creating work that is safe, stable, inclusive, and rewarding—generating a transformative impact on families, communities, and economies.
Since its founding in 2011, Upaya’s portfolio companies have created over 41,000 dignified jobs across India.
MEDIA CONTACT:
Madlin D’silva
mdsilva@upayasv.org