Full-stack biofuels startup raised $50 million (Rs 411.50 crore) in debt financing from Punjab National Bank, HDFC, Yes Bank, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, Spark Capital, Tata Capital, and SIDBI.
The Bengaluru company, which offers technology and project solutions for climate-positive biofuel projects, plans to use the funds for the nationwide execution of compressed biogas (CBG) plants.
“The current round of funding will allow us to accelerate our expansion efforts and promote India’s transition to sustainable green energy,” Tilak Minocha, Chief Finance Controller of GPS Renewables, said.
Founded by Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables has previously raised $20 million in equity funding from Neev Fund II by SBICap Ventures, The Netherlands-based Hivos-Triodos Fund, and Hyderabad-based Caspian Impact Investments.
Recently, it acquired Germany-based Proweps Envirotech GmbH, a design and engineering company specialising in technologies for utilising municipal and industrial organic waste and agri-residue for biogas production.
The cleantech company, providing end-to-end solutions for the development, production, and distribution of biofuels, claims to have an order book of $240 million (Rs 2,000 crore) and MoUs worth $540 million (Rs 4,500 crore) for the execution of multiple CBG plants across India.
With the current order book, GPS Renewables claims to have crossed a turnover of $60 million (Rs 500 crore) in FY23-24, while registering a 225% growth over FY22-23.
Edited by Suman Singh
