en.Wedoany.com Reported - GPS Renewables has completed its Series C funding round, comprising a ₹125 crore equity investment led by PixelSky Capital, with participation from Spectrum Impact Family Office and other investors. Additionally, the company has entered into a ₹200 crore equity partnership arrangement with Arya, an asset holding company under a major South Korean conglomerate.
Previously, through a similar partnership arrangement in the asset platform business with Indian Oil Corporation (IOC), the company secured ₹310 crore from Sojitz Corporation. The newly injected capital will be used to support the company's next phase of growth, strengthen its financial position, and accelerate the execution of its growing pipeline of large-scale compressed biogas (CBG) projects across India. A portion of the funds will also be invested in the company's project development platform, GPSR Arya, to support ongoing and upcoming projects.
Mainak Chakraborty, Co-founder and CEO of GPS Renewables, stated that this funding is a testament to the growth potential of the renewable natural gas industry and a step towards building an energy-secure nation. The current funding comes as the company focuses on expanding large-scale bioenergy infrastructure projects nationwide, enhancing its execution capabilities to deliver a growing project portfolio.
Parag Parikh, Group CFO of GPS Renewables and CEO of Arya, added that this funding enables the GPS Group to strengthen its balance sheet and is a step towards financing its capital management plans. The funds will allow the company to further leverage its engineering, procurement, and construction (EPC) business and invest in the asset platform business, GPSR Arya.
Zerin Rahman, Managing Partner at PixelSky Capital, noted that GPS Renewables has consistently demonstrated a highly disciplined approach to scaling bioenergy infrastructure in India. Since its inception, the company has maintained a strong track record of consistent delivery and profitability, instilling confidence in its technology and execution capabilities.
Akshay Panth, Chief Investment Officer at Neev Funds, remarked that GPS Renewables is a compelling example of the role catalytic, growth-stage climate capital plays in shaping emerging industries. SVL-SME Fund is proud to continue supporting the GPS team, having witnessed the company's journey in building a resilient bioenergy platform. GPS Renewables' expanding portfolio in sustainable aviation fuel (SAF) positions it well to deliver large-scale decarbonization impact, addressing India's energy transition and security challenges. The subsequent mobilization of global institutional and commercial capital validates their confidence in the untapped potential of the biogas sector and the quality of the GPS team.
Over the past decade, GPS Renewables has built capabilities in technology, software, design and engineering, EPC, operations and maintenance, and project development. The company now employs over 800 people and generates annual revenue of approximately ₹1,000 crore. GPS Renewables has delivered several industry-first projects, including Asia's largest municipal solid waste-fed CBG plant in Indore, one of the world's fastest-built CBG plants in Barabanki, and an upcoming CBG complex in Kakinada expected to be among the largest globally.
The company's current pipeline of projects under construction and in operation includes over 30 projects, with visibility into more than 200 CBG projects developed in collaboration with oil marketing companies. GPS Renewables is also the only Indian company to have established joint ventures with both Indian Oil Corporation and Bharat Petroleum Corporation Limited to develop CBG infrastructure. The company recently secured an EPC contract from NTPC Limited to build India's first ethanol-to-jet fuel (ETJ) sustainable aviation fuel (SAF) plant.
Headquartered in Bangalore, GPS Renewables (GPSR) is a full-stack renewable energy and gas company providing technology and project solutions for climate-positive biofuel projects. Starting with biogas plants for self-consumption, GPS Renewables has expanded to building some of the world's largest renewable natural gas (RNG) plants. In 2022, the company launched GPSR Arya Pvt Ltd to commission build-own-operate (BOO) projects, enhancing its climate impact vision. The company has established joint ventures with Indian Oil Corporation, Bharat Petroleum Corporation Limited, and Oil India to build compressed biogas plants across India.
SVL-SME Fund (Neev II) is a private equity fund managed by SBI Ventures Limited, a subsidiary of the State Bank of India, managing approximately ₹300,000 crore with an investment strategy covering climate technology, real estate, and fund of funds. Neev II aims to fill the private equity gap required for India's transition to climate resilience and low emissions, providing growth capital to high-impact, commercially attractive business models in priority sectors including clean energy, circular economy, energy efficiency, and sustainable infrastructure.
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