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India’s clean energy sector has received a significant boost as GPS Renewables, a Bengaluru based cleantech company, successfully closed a ₹635 crore Series C funding round. The investment underscores growing domestic and international confidence in India’s bioenergy ecosystem and its potential to contribute meaningfully to the country’s net zero ambitions.
A Landmark Round With Strategic Backers
The funding round was led by PixelSky Capital, which committed ₹125 crore, with Sojitz Corporation emerging as the largest single contributor at ₹310 crore. Spectrum Impact Family Office also participated, alongside an undisclosed Korean conglomerate that accounted for the remaining portion of the raise. The diversity of investors – spanning domestic family offices to prominent international corporations reflects the global appetite for scalable, sustainable energy solutions originating from India.
Capital Deployment and Strategic Intent
The proceeds from this round will serve a dual purpose. First, GPS Renewables intends to expand its bioenergy infrastructure portfolio, building on an already robust pipeline of projects. Second, the capital will be channelled into GPS Arya, the company’s dedicated asset platform arm, to finance both ongoing and upcoming ventures. Group CFO Parag Parikh noted that the funding would enable greater leverage for the EPC business while simultaneously strengthening the Arya asset platformA Decade of Building Clean Energy Infrastructure
Founded in 2012 by Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables has spent over a decade developing end to end solutions for the production and distribution of biofuels. The company transforms agricultural residue, food waste, and municipal solid waste into high value clean fuels, including compressed biogas, ethanol, sustainable aviation fuel, and green hydrogen.
Its project portfolio is equally impressive. The company developed Asia’s largest municipal solid waste ased CBG plant in Indore and currently has approximately 30 projects either operational or nearing completion. It holds joint ventures with Indian Oil Corporation and Bharat Petroleum Corporation Limited, and has secured an engineering, procurement, and construction contract from NTPC to develop India’s first ethanol to jet sustainable aviation fuel plant.
Looking Ahead
With annual revenues of approximately ₹1,000 crore and a Series C now closed, GPS Renewables is well positioned to scale its operations at a critical juncture for India’s energy transition. As policy tailwinds strengthen and global capital continues to flow into clean energy, the company’s integrated approach to biofuel development places it among the most consequential players in the sector.
This latest raise follows $50 million in debt financing secured in 2024, further demonstrating the company’s ability to attract capital across multiple instruments as it builds toward a cleaner, more energy secure future for India.
