India, July 14 -- Bioenergy supply chain startup BiofuelCircle has raised Rs.35 Cr ($3.6 Mn) in a bridge funding round led by existing investor Spectrum Impact, with participation from Better Capital and Karma Capital Advisors, the startup's promoters and other angel investors.

Cofounder and CEO Suhas Baxi told Inc42 that the startup's valuation has increased about 10% over the Rs.560 Cr valuation it attained post its Series A round. This translates to a valuation of about Rs.615 Cr. The startup is targeting to raise a larger Series B round early next year and Rs.70 Cr working capital financing over the coming months to support expansion.

The freshly raised Rs.35 Cr would also be utilised to fulfill working capital requirements.

Founde...