ARYA, the project development division of GPS Renewables, has secured ₹100 crore in mezzanine financing from InCred Opportunities Fund and Spark Capital. This funding is part of a larger ₹200 crore round aimed at developing Compressed Biogas (CBG) projects in partnership with Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation Limited (BPCL). As a wholly owned subsidiary of GPS Renewables, ARYA is dedicated to sustainable biofuels and industrial decarbonization projects that align with India’s Net Zero goals. The investment will help expedite climate-positive initiatives under GPS Renewables’ ARYA vertical, utilizing the company’s technological and engineering capabilities.
“The current funding will speed up our efforts in advancing our joint ventures with Indian Oil Corporation and Bharat Petroleum, which are crucial for India’s shift towards sustainable green energy,” stated Mainak Chakraborty, CEO of GPS Renewables and Chairman of ARYA. “In the coming year, we aim to expand our capacity and strengthen collaborations with key stakeholders.” GPS Renewables, a frontrunner in biofuel technology, has previously raised $50 million (approximately ₹411.50 crore) through debt financing from institutions such as Punjab National Bank, HDFC, and HSBC. The company also received USD 20 million in equity funding from Neev Fund II, along with investments from Hivos-Triodos Fund and Caspian Impact Investments.
GPS Renewables offers comprehensive solutions for biofuel development, production, and distribution, with a focus on Compressed Biogas (CBG), Renewable Natural Gas (RNG), and Sustainable Aviation Fuel (SAF). The company has established over 100 biogas plants, including Asia’s largest RNG facility in Indore, which was inaugurated by Prime Minister Narendra Modi. Recently, GPS Renewables acquired Germany-based Proweps Envirotech GmbH, further enhancing its expertise in converting municipal, industrial, and agricultural waste into biogas.
