The debt financing round saw participation from PNB, HDFC, Yes Bank, HSBC Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, among others
GPS Renewables will deploy the fresh capital to expand its footprint, fuel expansion, and build compressed biogas plants across India
Founded in 2012, GPS Renewables offers end-to-end solutions for the development, production and distribution of biofuels
Cleantech startup GPS Renewables has raised $50 Mn (about INR 410 Cr) in a debt financing round from a clutch of banks and non-banking financial companies (NBFCs).
The round saw participation from Punjab National Bank, HDFC Bank, Yes Bank, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, Spark Capital, Tata Capital and SIDBI.
The startup will use the capital to expand its footprint and fuel expansion efforts. The capital will also be utilised for nationwide execution of compressed biogas plants, said the startup.
Founded in 2012 by Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables offers end-to-end solutions for the development, production and distribution of biofuels.
Commenting on the funding, GPS Renewables chief finance controller Tilak Minocha said, “… 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.”
Prior to this, the Bengaluru-based startup raised $20 Mn from the likes of SBICap Ventures, Hivos-Triodos Fund and Caspian Impact Investments.
GPS Renewables claims to have built more than 100 biogas plants and has a current order book worth $240 Mn. It also claims to have signed multiple MoUs, totaling $540 Mn, for the execution of multiple compressed biogas plants across India.
Employing a workforce of 500, GPS Renewables competes with the likes of 75F, Recykal, Ace Green Recycling, AirOk and altM among others.
As part of its expansion spree, the startup also acquired Germany-based design and engineering firm Proweps Envirotech in August last year.
The fundraise comes at a time when the homegrown cleantech space is witnessing a major boom, fueled by the growing demand and adoption of green energy products.
As a result, more than 13 cleantech and climate tech-focussed funds were unveiled last year in the country. As per Inc42 data, Indian cleantech startups raised more than $861 Mn across 57 deals in 2023.
