GPS Renewables Raises INR 635 Crore in Series C Funding to Expand CBG and Bioenergy Projects

Renewable energy company GPS Renewables has raised INR 635 crore through its Series C funding round to support the expansion of compressed biogas (CBG) projects and strengthen its financial position as it scales bioenergy infrastructure across India.

The funding round includes INR 125 crore in equity led by PixelSky Capital, with participation from Spectrum Impact Family Office and other investors. The company has also secured a INR 200 crore equity tie-up for its asset holding platform, GPSR Arya, from a leading Korean conglomerate. This follows an earlier INR 310 crore investment in its asset platform business from Sojitz Corporation.

The newly raised capital will be used to accelerate the execution of a growing pipeline of large-scale CBG projects, strengthen the company’s balance sheet and support investments in GPSR Arya’s ongoing and upcoming developments.

Mainak Chakraborty, Co-founder and CEO, GPS Renewables said that the fundraise reflects the growing potential of the renewable natural gas sector and will help the company scale bioenergy infrastructure projects across the country. He added that the investment will enhance execution capabilities and support India’s transition towards cleaner fuels.

Parag Parikh, Group CFO of GPS Renewables and CEO of Arya, said that  the capital infusion will strengthen the group’s financial position and support its long-term capital management plans, including investments in both its EPC and asset platform businesses.

Investors highlighted the company’s operational track record and growth potential. PixelSky Capital said that GPS Renewables’ profitability, technology capabilities and project execution expertise were key factors behind its investment decision.

GPS Renewables has developed capabilities across technology, engineering, EPC, operations and maintenance, and project development. The company employs more than 800 people and generates annual revenue of around INR 1,000 crore.

The company has delivered several landmark projects, including Asia’s largest municipal solid waste-based CBG plant in Indore, a large-scale CBG facility in Barabanki, and an upcoming CBG complex in Kakinada expected to be among the world’s largest.

GPS Renewables currently has more than 30 operational or near-complete projects and visibility on over 200 CBG projects being developed with oil marketing companies. It is also the only Indian company with joint ventures with INdian Oil Corporation and Bharat Petroleum Corporation Ltd. for developing CBG infrastructure.

Recently, the company secured an EPC contract from NTPC Ltd. to build India’s first Ethanol-to-Jet Sustainable Aviation Fuel plant.