The Series C funding round was led by Sojitz Corporation, with participation from PixelSky Capital, the Spectrum Impact Family office, and an undisclosed Korean conglomerate
The startup plans to deploy the capital to accelerate the execution of a growing pipeline of large-scale compressed biogas (CBG) projects across India
Founded in 2012 by Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables offers end-to-end solutions for the development, production and distribution of biofuels
Cleantech startup GPS Renewables
has raised ₹635 Cr (about $66.4 Mn) in its Series C funding round led by Sojitz Corporation, with participation from PixelSky Capital, the Spectrum Impact Family office, and an undisclosed Korean conglomerate.
While Sojitz Corporation infused ₹310 Cr, PixelSky Capital invested ₹125 Cr in the startup. The rest of the amount came from the undisclosed Korean conglomerate.
The startup plans to deploy the capital to accelerate the execution of a growing pipeline of large-scale compressed biogas (CBG) projects across India. A significant portion of capital will move to GPSR Arya — the startup’s project development platform.
Founded in 2012 by Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables offers end-to-end solutions for the development, production and distribution of biofuels. It converts agricultural residue, food waste, municipal waste and other organic feedstock into clean fuels such as CBG, ethanol, sustainable aviation fuel (SAF), and green hydrogen.
“This capital enhances our execution capabilities, and positions us well to deliver on a growing portfolio of projects. As India accelerates its transition towards cleaner fuels, we remain committed to building the infrastructure required to support that transformation,” said Chakraborty.
Prior to this, GPS Renewables raised $50 Mn in a debt financing round from a clutch of banks and NBFCs in 2024.
GPS Renewables claims to have an annual revenue of about ₹1,000 Cr. Its notable projects include Asia’s largest municipal solid waste-based CBG plant in Indore, CBG plants in Barabanki, among others.
The startup said it has 30 operational or near-complete projects. It recently secured an engineering, procurement and construction contract from NTPC for setting up India’s first ethanol-to-jet (ETJ) sustainable aviation fuel plant.
The startup also has joint ventures with Indian Oil Corporation and Bharat Petroleum Corporation Limited for the development of CBG infrastructure.
As awareness of net-zero emissions grows, a number of startups have emerged in India over the past decade to develop cleantech solutions. The sector has attracted strong investor interest, while the ongoing conflict in West Asia has further intensified the focus on clean energy and energy security.
In April, clean energy startup Ecoil raised $2.5 Mn in its Series A funding round to collect used cooking oil from restaurants, hotels, cloud kitchens, and other food businesses and convert it into eco-friendly biodiesel.
Last year, Transition VC closed its maiden fund at ₹700 Cr to fund cleantech startups operating in sub-sectors like emobility, green hydrogen, energy storage and climate tech.
Source: Inc42 - Startups
