Bengaluru-based GPS Renewables has secured Rs 635 crore in a Series C funding round to accelerate the development of compressed biogas (CBG) infrastructure and strengthen its position in India’s fast-growing bioenergy sector.
The funding package includes Rs 125 crore in equity led by PixelSky Capital, with participation from the family office of Aarti Industries Pvt. Ltd. and other investors. The round also includes a Rs 200 crore equity commitment for GPS Renewables’ asset platform, Arya, from a leading South Korean conglomerate, The Economic Times reported.
The latest investment follows an earlier Rs 310 crore infusion into the company’s asset platform by Sojitz Corporation and Indian Oil Corporation.
According to Co-founder and Chief Executive Officer Mainak Chakraborty, the fresh capital will support the company’s next phase of growth, strengthen its financial position and accelerate the execution of a large pipeline of compressed biogas projects across India. Part of the funding will also be directed towards GPSR Arya, the company’s project development platform.
Group Chief Financial Officer Parag Parikh said the investment would improve the company’s balance sheet and support long-term capital management while enabling further expansion of both its engineering, procurement and construction (EPC) business and renewable energy asset platform.
Founded more than a decade ago, GPS Renewables has built capabilities across bioenergy technology, engineering, EPC services, project development, operations and maintenance. The company employs more than 800 people and reports annual revenues of approximately Rs 1,000 crore.
GPS Renewables has developed several large-scale bioenergy projects, including Asia’s largest municipal solid waste-based compressed biogas plant in Indore and a rapidly executed CBG facility in Barabanki. It is also developing a major compressed biogas complex in Kakinada that is expected to be among the largest of its kind globally.
The company currently has more than 30 operational or near-complete facilities and visibility on over 200 compressed biogas projects being developed in collaboration with oil marketing companies. It is also the only Indian company with joint ventures involving both Indian Oil Corporation and Bharat Petroleum Corporation Limited for CBG infrastructure development.
Expanding beyond compressed biogas, GPS Renewables recently secured an engineering, procurement and construction contract from NTPC Limited to establish India’s first Ethanol-to-Jet Sustainable Aviation Fuel (SAF) plant, marking another significant milestone in the country’s advanced biofuels sector.
Through GPSR Arya, launched in 2022, the company is also developing Build-Own-Operate renewable energy assets and has partnered with Indian Oil, Bharat Petroleum and Oil India Limited to build compressed biogas plants that convert agricultural and organic waste into clean energy while helping reduce carbon emissions.
The latest funding underscores growing investor confidence in India’s bioenergy and biofuels sector as the country accelerates efforts to expand compressed biogas production, reduce fossil fuel dependence and strengthen its circular economy through the use of agricultural and organic waste resources.
