MicroBite, a sister concern of the startup ThePhiFactory, has raised $1.5 million from Vijay Madduri, the co-owner of Hyderabad ISL Football Team.
The company has drawn up plans to set up a five kilo litre pre day (KLPD) capacity bioethanol plant in the State. It is looking at Nalgonda, Zaheerabad and Siddipet as the possible locations. These are shortlisted due to the availability of molasses.
Bioethanol is used for blending with the fuels. Now, the blending percentage is about eight per cent and the Government of India has set targets to increase to 20 per cent. This will result in huge savings in the forex.
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