GPS Renewables, a Bengaluru-based renewable oil and gas company, announced that it has raised ₹635 crore (approximately $74.1 million) in Series C funding to support its next phase of growth and accelerate the execution of compressed biogas (CBG) projects across India.
The Series C round includes ₹125 crore (approximately $14.6 million) in equity funding led by PixelSky Capital, with participation from the Spectrum Impact Family Office and other investors. The financing package also includes a ₹200 crore (approximately $23.4 million) equity tie-up under the company’s asset holding platform, Arya, from a leading Korean conglomerate. This follows an earlier ₹310 crore (approximately $36.2 million) investment in the asset platform business from Sojitz Corporation through a partnership with Indian Oil Corporation.
The newly raised capital will strengthen the company’s balance sheet, support large-scale compressed biogas projects, and fund ongoing and upcoming developments through GPSR Arya, the company’s project development platform.
Over the past decade, GPS Renewables has built capabilities spanning technology, software, engineering, EPC, operations and maintenance, and project development. The company now employs more than 800 people and generates annual revenue of approximately ₹1,000 crore (approximately $116.7 million).
GPS Renewables has delivered several landmark projects, including Asia’s largest municipal solid waste-based compressed biogas plant in Indore and one of the world’s fastest-built CBG facilities in Barabanki. It is also developing a major CBG complex in Kakinada that is expected to rank among the largest globally.
The company’s project pipeline includes more than 30 operational or nearly completed facilities, with visibility into over 200 CBG projects being developed alongside oil marketing companies. GPS Renewables is also the only Indian company with joint ventures involving both Indian Oil Corporation and Bharat Petroleum Corporation Limited for the development of compressed biogas infrastructure.
Recently, the company secured an EPC contract from NTPC Limited to build India’s first Ethanol-to-Jet sustainable aviation fuel plant.
Founded in Bengaluru, GPS Renewables operates as a full-stack renewable oil and gas company focused on climate-positive biofuel projects. In 2022, the company launched GPSR Arya to develop Build-Own-Operate projects and expand its climate impact initiatives. The company has formed joint ventures with Indian Oil, Bharat Petroleum, and Oil India to build compressed biogas plants that process agricultural and organic waste while reducing carbon emissions.
KEY QUOTES:
“The capital raise is a testament of the growing potential of the Renewables Natural Gas sector and a step towards contributing towards an energy secure nation. The current fundraise comes at a time when we are focused on scaling large-scale bioenergy infrastructure projects across the country. This capital enhances our execution capabilities, and positions us well to deliver on a growing portfolio of projects. As India accelerates its transition towards cleaner fuels, we remain committed to building the infrastructure required to support that transformation.”
Mainak Chakraborty, Co-founder and CEO, GPS Renewables
“The capital raise allows GPS group to fortify its balance sheet and is a step towards funding its capital management plan. The capital will allow us to leverage further for the EPC business as well as invest in GPS Arya, our asset platform business.”
Parag Parikh, Group CFO, GPS Renewables, And CEO, Arya
“GPS Renewables has consistently shown a highly disciplined approach towards scaling bioenergy infrastructure in India. Their proven track record of consistently delivering and being profitable since inception gave us a lot of confidence in their technology and execution capabilities. We look forward to supporting them in their next phase of growth.”
Zerin Rahman, Managing Partner, PixelSky Capital
“GPS Renewables is a compelling example of the role catalytic, growth-stage climate capital can play in shaping nascent sectors. SVL-SME Fund is proud to continue backing the GPS team, having witnessed their impressive journey in building a resilient bioenergy platform. GPSR’s expanding portfolio in Sustainable Aviation Fuel (SAF), positions them strongly to deliver large-scale decarbonisation impact to solve India’s energy transition and security challenges. The subsequent mobilization of global institutional and commercial capital has validated our conviction in the untapped potential of the biogas sector and quality of the GPS team. We look forward to supporting GPS Renewables’ next phase of growth.”
Akshay Panth, Chief Investment Officer, Neev Funds
