GPS Renewables Raises Series B Funding
The funds will be utilized towards R&D and for next phase of growth and expansion
GPS Renewables, a Bengaluru-based bioenergy technology firm, has closed its Series B funding from Neev Fund II, managed by SBICap Ventures. The latest round of funding will be used towards R&D and to support GPS Renewables' next phase of growth and expansion.
With the current round, GPS has cumulatively raised close to $20 million in the form of equity. The earlier round was led by Netherlands based Hivos-Triodos Fund and Hyderabad-based Caspian Impact Investments in September 2020.
GPS Renewables started off with a captive biogas product called the "BioUrja'. Today, the company has 100-plus BioUrja installations across south Asia, with Fortune 500 companies such as Microsoft, Intel, Bosch, Cummins, Saint Gobain, Reliance and several other leading hospitality chains such as Oberoi, Taj, ITC, Marriott, Hyatt and Accor Groups as clients, said a statement.
"Untreated organic waste streams, ranging from urban waste to paddy straw, are one of the biggest contributors to global warming and it poses serious health concerns for the current and future generations alike. Climate positive solutions to these problems are the need of the hour, and that's where GPS' bioenergy solutions suite comes in. We are excited to partner with Neev II as we further strengthen our mission towards making the world cleaner and more sustainable. This partnership will help accelerate our growth while capitalizing on the organic feedstock to bioenergy market," said Mainak Chakraborty, co-founder and CEO of GPS Renewables.
"This investment into GPS resonates with our mission to decarbonise and to support the next generation of climate entrepreneurs. We will continue to open the gates of capital to climate-focused purpose driven businesses," said Manav Bansal, CIO, Neev Funds.
GPS Renewables was founded in 2012 by IIM-B graduates Mainak Chakraborty and Sreekrishna Sankar. The company currently focuses on biomethanation technologies to solve the organic waste management challenge, accelerate substitution of fossil fuel with bioenergy and play a key role in mitigating climate change.