BiofuelCircle, a biomass and biofuel marketplace, has raised Rs 45 crore ($5.3 million) in a funding round led by Spectrum Impact. The Pune-based company will use the funds to enhance its organized supply chain for biomass, connecting farmers, storage facilities, and refineries. Despite growing its revenue fivefold to Rs 11 crore in FY23, BiofuelCircle’s losses also increased by 80% to Rs 6.8 crore.