Bengaluru: GPS Renewables has raised ₹635 crore in its Series C funding round, marking a significant milestone as the company prepares to scale its bioenergy infrastructure and strengthen its position in India’s renewable natural gas sector.
The GPS Renewables Series C round comprises ₹125 crore in equity funding led by PixelSky Capital, with participation from the Spectrum Impact Family Office and other investors.
The funding is further complemented by a ₹200 crore equity tie-up under the company’s asset hold-co, Arya, from a leading Korean conglomerate.
Earlier, the company had secured ₹310 crore for its asset platform business through a similar tie-up with Sojitz Corporation in collaboration with Indian Oil Corporation.
The newly raised capital will support the company’s next phase of growth by strengthening its financial position and accelerating the execution of an expanding portfolio of large-scale compressed biogas (CBG) projects across India.
Part of the funds will also be invested in GPSR Arya, the company’s project development platform, to support ongoing and future initiatives.
Mainak Chakraborty, Co-founder and CEO, GPS Renewables, said, “The capital raise is a testament of the growing potential of the Renewables Natural Gas sector and a step towards contributing towards an energy secure nation.
The current fundraise comes at a time when we are focused on scaling large-scale bioenergy infrastructure projects across the country.
This capital enhances our execution capabilities, and positions us well to deliver on a growing portfolio of projects. As India accelerates its transition towards cleaner fuels, we remain committed to building the infrastructure required to support that transformation.”
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Parag Parikh, Group CFO of GPS Renewables and CEO of Arya, added, “The capital raise allows GPS group to fortify its balance sheet and is a step towards funding its capital management plan.
The capital will allow us to leverage further for the EPC business as well as invest in GPS Arya, our asset platform business.”
Zerin Rahman, Managing Partner at PixelSky Capital, said, “GPS Renewables has consistently shown a highly disciplined approach towards scaling bioenergy infrastructure in India.
Their proven track record of consistently delivering and being profitable since inception gave us a lot of confidence in their technology and execution capabilities. We look forward to supporting them in their next phase of growth.”
Akshay Panth, Chief Investment Officer at Neev Funds, stated, “GPS Renewables is a compelling example of the role catalytic, growth-stage climate capital can play in shaping nascent sectors.
SVL-SME Fund is proud to continue backing the GPS team, having witnessed their impressive journey in building a resilient bioenergy platform. GPSR’s expanding portfolio in Sustainable Aviation Fuel (SAF), positions them strongly to deliver large-scale decarbonisation impact to solve India’s energy transition and security challenges.
The subsequent mobilization of global institutional and commercial capital has validated our conviction in the untapped potential of the biogas sector and quality of the GPS team. We look forward to supporting GPS Renewables’ next phase of growth.”
Over the past decade, GPS Renewables has developed expertise across technology, software, engineering, EPC, operations and maintenance, and project development.
The company has grown into an organization with more than 800 employees and annual revenue of approximately ₹1,000 crore.
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The company has delivered several landmark projects, including Asia’s largest municipal solid waste-based compressed biogas plant in Indore, one of the world’s fastest-executed CBG plants in Barabanki, and the upcoming CBG complex in Kakinada, which is expected to rank among the largest globally.
The current project pipeline includes more than 30 operational or near-complete facilities, with visibility on over 200 CBG projects being developed in partnership with oil marketing companies.
GPS Renewables is also the only Indian company with joint ventures alongside both Indian Oil Corporation and Bharat Petroleum Corporation Limited for developing compressed biogas infrastructure.
The company recently secured an EPC contract from NTPC Limited to build India’s first Ethanol-to-Jet (ETJ) Sustainable Aviation Fuel (SAF) plant, further strengthening its presence in advanced biofuel technologies.
Headquartered in Bengaluru, GPS Renewables operates as a full-stack renewable oil and gas company delivering technology and project solutions for climate-positive biofuel projects.
Beginning with captive biogas plants, the company has expanded to establish some of the world’s largest renewable natural gas facilities. In 2022, it launched GPSR Arya Pvt. Ltd. to commission Build-Own-Operate (BOO) projects and expand its climate impact initiatives.
The company has also established joint ventures with Indian Oil, Bharat Petroleum, and Oil India to develop compressed biogas plants across the country.
These facilities are expected to process agricultural and organic waste, reduce carbon emissions, and support the Government of India’s compressed biogas initiative.
