Biofuels startup GPS Renewables has successfully raised $50 million (Rs 411.50 crore) in debt financing to accelerate implementation of the nationwide compressed biogass (CBG) Plants.
The Bengaluru company, offers technology and project solutions for climate-positive biofuel projects. “The current round of funding will allow us to accelerate our expansion efforts and promote India’s transition to sustainable green energy,” Tilak Minocha, Chief Finance Controller of GPS Renewables, said.
Founded by Mainak Chakraborty and Sreekrishna Sankar, the firm has previously raised $20 million in equity funding from Neev Fund II by SBICap Ventures, The Netherlands-based Hivos-Triodos Fund, and Hyderabad-based Caspian Impact Investments.
Recently, the company acquired Germany-based Proweps Envirotech GmbH, a design and engineering company specializing in technologies for utilizing municipal and industrial organic waste and agri-residue for biogas production.
GPS Renewables boasts order book of $240M
The cleantech company, providing end-to-end solutions for the development, production, and distribution of biofuels, claims to have an order book of $240 million (Rs 2,000 crore) and MoUs worth $540 million (Rs 4,500 crore) for the execution of multiple CBG plants across India.
With the current order book, GPS Renewables claims to have crossed a turnover of $60 million (Rs 500 crore) in FY23-24, while registering a 225% growth over FY22-23.
The debt financing was raised from Punjab National Bank, HDFC, Yes Bank, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, Spark Capital, Tata Capital, and SIDBI.
