Indian renewable oil and gas company GPS Renewables has secured Rs 635 crore ($66.3 million) in Series C funding from a slew of investors, per an announcement.
The funding round includes Rs 125 crore raised as equity, with PixelSky Capital coming in as lead investor. Spectrum Impact Family Office, along with several other investors, participated in the round.
The company has also raised Rs 200 crore in equity for its asset-holding platform Arya from a major South Korean conglomerate. This comes after an earlier Rs 310 crore infusion from Sojitz Corporation into the same asset platform business.
The funding will help GPS Renewables grow its bioenergy infrastructure portfolio and fund its ongoing and upcoming projects through GPSR Arya.
Founded by Mainak Chakraborty and Sreekrishna Sankar in 2012, GPS Renewables offers end-to-end solutions covering the development, production, and distribution of biofuels.
It claims to have delivered over 30 projects that are either operational or nearing completion, along with visibility into more than 200 compressed biogas (CBG) projects being developed in partnership with oil marketing companies.
It also recently secured an EPC contract from NTPC to set up India’s first ethanol-to-jet Sustainable Aviation Fuel plant, further strengthening its presence in India’s clean energy sector.
GPS Renewables raised $20 million in its Series B equity funding from Neev Fund II by SBICap Ventures, Netherlands-based Hivos-Triodos Fund, and Hyderabad-based Caspian Impact Investments in 2022.
Subsequently, in 2024, it garnered $50 million in debt from private and public-sector banks and NBFCs.
GPS Renewables has a workforce of over 800 employees and reports annual revenue of around Rs 1,000 crore.
