ECOIL Secures Funding for Used Cooking Oil Collection

ECOIL, a platform dedicated to the collection and disposal of used cooking oil, has successfully raised approximately $2.5 million in a Series A funding round spearheaded by Fundalogical Ventures. The funding round also attracted investments from Caspian Impact Investment, Momentum Capital, and current stakeholder The Chennai Angels. Additionally, Shell previously supported the company as a seed investor.

The funds will be utilised to enhance operating capabilities, fortify its technological infrastructure, and broaden its presence across additional markets in India.

About ECOIL

Founded in 2019 by Sushil Vaishnav and Kirti Vaishnav, ECOIL collaborates with restaurants, hotels, and food service providers to retrieve used cooking oil, directing it towards the production of biofuel and sustainable aviation fuel.

Operational Model and Goals

The company is establishing a technology-driven collection and logistics system aimed at augmenting traceability, ensuring compliance, and streamlining the aggregation of used cooking oil, which is a crucial input for biodiesel and sustainable aviation fuel.

ECOIL is also committed to organising a dispersed supply chain and incorporating informal labour into the formalised collection framework.