GPS Renewables Secures ₹635 Cr for Compressed Biogas Projects in India
An operator walks past a large biogas digester at a GPS Renewables facility in rural India.
Key Highlights
Cleantech startup GPS Renewables has raised ₹635 crore in Series C funding, led by Sojitz Corporation, to accelerate compressed biogas (CBG) projects across India, bolstering clean fuel transition infrastructure.
Cleantech startup GPS Renewables has successfully raised ₹635 crore (approximately $66.4 million) in its Series C funding round. The significant investment was spearheaded by Japan’s Sojitz Corporation, with notable participation from PixelSky Capital, the Spectrum Impact Family office, and an undisclosed Korean conglomerate. This substantial capital infusion is strategically intended to accelerate the execution and expansion of a growing pipeline of large-scale compressed biogas (CBG) projects across India.
The funding round saw Sojitz Corporation injecting ₹310 crore, marking a substantial commitment to the Indian cleantech sector. PixelSky Capital contributed ₹125 crore, while the remaining portion of the Series C capital was provided by the undisclosed Korean conglomerate, highlighting a diverse international investor confidence in GPS Renewables’ mission and India’s green energy potential.
GPS Renewables plans to deploy this newly secured capital primarily to enhance its operational capabilities and fast-track the development of its extensive CBG project portfolio throughout India. A considerable share of these funds will be channeled into GPSR Arya, the startup’s dedicated project development platform, which is crucial for scaling up its biofuel infrastructure nationwide.
Founded in 2012 by entrepreneurs Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables has established itself as a leader in providing end-to-end solutions for the development, production, and distribution of various biofuels. The company excels in converting diverse organic feedstocks, including agricultural residue, food waste, and municipal waste, into high-value clean fuels such as CBG, ethanol, sustainable aviation fuel (SAF), and green hydrogen, addressing critical energy and waste management challenges.
Mainak Chakraborty, co-founder of GPS Renewables, underscored the strategic importance of the funding. “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,” Chakraborty stated, highlighting the company’s role in India’s energy future.
This Series C round follows GPS Renewables’ successful acquisition of $50 million in debt financing earlier in 2024. That previous funding was secured from a consortium of banks and Non-Banking Financial Companies (NBFCs), demonstrating consistent investor confidence. The company reports an impressive annual revenue of approximately ₹1,000 crore, signaling robust financial health and market traction.
GPS Renewables boasts a significant operational footprint with 30 projects either fully operational or nearing completion. Notable achievements include the development of Asia’s largest municipal solid waste-based CBG plant located in Indore, alongside other crucial CBG facilities in Barabanki. The company recently secured a pivotal engineering, procurement, and construction (EPC) contract from NTPC for the establishment of India’s first ethanol-to-jet (ETJ) sustainable aviation fuel plant, marking a significant step in sustainable aviation. Furthermore, GPS Renewables has forged strategic joint ventures with prominent public sector undertakings, Indian Oil Corporation and Bharat Petroleum Corporation Limited, to further develop critical CBG infrastructure across the nation.
The Indian cleantech sector is experiencing a surge in investment and innovation, propelled by a heightened global focus on achieving net-zero emissions and ensuring energy security. The ongoing geopolitical landscape, particularly conflicts in West Asia, has further intensified the imperative for nations to develop indigenous clean energy solutions, making India a hotbed for such advancements.
Illustrating this vibrant ecosystem, clean energy startup Ecoil successfully raised $2.5 million in its Series A funding round in April, dedicated to transforming waste cooking oil into eco-friendly biodiesel. Concurrently, last year saw Transition VC close its inaugural fund at ₹700 crore, specifically allocated to support promising cleantech startups operating across critical sub-sectors such as e-mobility, green hydrogen, energy storage, and broader climate technology initiatives, reinforcing the robust investment environment.