GPS Renewables, India’s full-stack technology firm focused on clean fuels, on Tuesday said it has raised $50 million in debt financing from private and public sector banks and NBFCs.
Participating institutions in the current financing round include Punjab National Bank, HDFC, Yes Bank, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, Spark Capital, Tata Capital and SIDBI, the firm said in a press release.
Founded by Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables raised $20 million in its Series B equity funding from Neev Fund II by SBICap Ventures, Netherlands-based Hivos-Triodos Fund, and Hyderabad-based Caspian Impact Investments in 2022.
The company provides end-to-end solutions for the development, production, and distribution of biofuels.
GPS Renewables has set up over 100 biogas plants and claims to have an order book of $240 million and MoUs worth $540 million for the execution of multiple CBG plants across the country.
The company also said it has crossed a turnover of $60 million in FY2023-24 while registering a 225% growth over FY2022-23.
“To achieve this (India’s shift to clean energy) goal, we must enhance biofuel production capacity and streamline adoption processes. To further accelerate our efforts, we not only need financial backing but also strategic industry collaborations,” Tilak Minocha, Chief Finance Controller, GPS Renewables, said.
India’s renewables sector has been attracting increasing foreign investment and is among its top five industries for overseas funds, with a 5% share of all inflows in April-September 2022, compared with 3.3% in the same period a year ago, according to Reuters.
