Biofuels Startup GPS Renewables Bags USD 50 Mn in Debt Financing The Bengaluru-based company aims to deploy fresh funds for the nationwide execution of compressed biogas plants.
By Entrepreneur Staff •
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Full-stack biofuels startup GPS Renewables has announced the raising of USD 50 million (INR 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.
According to the official release, the platform plans to use the fresh funds for the nationwide execution of compressed biogas (CBG) plants.
Tilak Minocha, Chief Finance Controller, GPS Renewables, said, "At GPS, our aim is to lead the way in India's clean energy shift. To achieve this goal, we must enhance biofuel production capacity and streamline adoption processes. Through our extensive projects nationwide, GPS Renewables has effectively addressed these challenges."
"To further accelerate our efforts, we not only need financial backing but also strategic industry collaborations. The current round of funding will allow us to accelerate our expansion efforts and promote India's transition to sustainable green energy," Minocha added.
Founded by IIM alumni Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables had previously raised USD 20 million in equity funding from Neev Fund II by SBICap Ventures, the Netherlands-based Hivos-Triodos Fund, and Hyderabad-based Caspian Impact Investments.
It recently acquired Germany-based Proweps Envirotech GmbH, a leading design and engineering company specialising in technologies for utilising municipal and industrial organic waste and agri-residue for biogas production.
Looking ahead, through its climate infrastructure platform, GPSR Arya, it plans to develop its own compressed biogas (CBG) projects via a joint venture with the Indian Oil Corporation (IOCL).
GPS Renewables has set up over 100 biogas plants, including an RNG plant based on MSW (municipal solid waste) in Indore.
The platform claims that currently it has an order book of USD 240 million (INR 2,000 crore) and MoUs worth USD 540 million (INR 4,500 crore) for the execution of multiple CBG plants across the country.
As per the startup, with the current order book, GPS Renewables has crossed a turnover of USD 60 million (INR 500 crore) in FY 2023–24, registering a 225% growth over FY 2022–23. In the same time frame, the company increased its full-time employee strength from 72 to 500+.
