GPS Renewables (GPSR), a renewable oil and gas company, has secured ₹635 crore in Series C funding to fuel its next phase of growth and strengthen the rollout of compressed biogas (CBG) infrastructure across India.
The fundraising includes ₹125 crore in equity investment led by PixelSky Capital, with participation from Spectrum Impact Family Office and other investors. In addition, GPSR has raised ₹200 crore in equity for its asset platform, GPSR Arya, from a leading Korean conglomerate. This follows an earlier ₹310 crore investment secured through a similar asset platform partnership involving Sojitz Corporation and Indian Oil Corporation.
According to the company, the newly raised capital will be used to strengthen its balance sheet, support ongoing and upcoming CBG projects, and expand its project development platform, GPSR Arya.
Mainak Chakraborty, Co-founder and CEO, GPS Renewables, said, “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.”
Parag Parikh, Group CFO, GPS Renewables and CEO, Arya, added, “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.”
Zerin Rahman, Managing Partner, PixelSky Capital, said, “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.”
Founded over a decade ago, GPS Renewables has built capabilities across technology, engineering, EPC, operations and maintenance, and project development. The company employs over 800 people and reports annual revenues of around ₹1,000 crore.
GPS Renewables has built a robust portfolio of large-scale bioenergy projects across India, including a municipal solid waste-to-compressed biogas (CBG) plant in Indore and a CBG facility in Barabanki. The company’s growing pipeline comprises more than 30 projects that are operational or nearing completion, along with over 200 CBG projects being developed in partnership with oil marketing companies. Strengthening its position in the clean fuels sector, GPS Renewables recently won an EPC contract from NTPC Limited to develop India’s first Ethanol-to-Jet Sustainable Aviation Fuel (SAF) plant.
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