PixelSky Capital leads GPS Renewables’ INR 635 Crore Series C Round

GPS Renewables (GPSR), a Bengaluru-based full-stack renewable oil and gas company, has raised INR 635 crore in a Series C funding round led by PixelSky Capital, with participation from the Spectrum Impact Family office and other investors. 

The latest fund includes a tie-up for equity under the asset hold-co, Arya of INR 200 crore from a Korean conglomerate. The company said it had a similar tie-up for the asset platform business with the IOC for INR 310 crore from Sojitz Corporation.

Founded in 2012 by IIM-B alumni Mainak Chakraborty and Sreekrishna Sankar, GPSR provides technology and project solutions for climate-positive biofuel projects.

Currently, the company employs more than 800 persons and claims to have over INR 1,000 crore in revenue. It also said that it has delivered several “industry-first projects” – municipal solid waste-based CBG plant in Indore and CBG plants in Barabanki. It is also working on the CBG complex in Kakinada, which is expected to be among the largest globally.

The company adds its current pipeline includes more than 30 operational or near-complete projects, with visibility on over 200 CBG projects being developed in partnership with oil marketing companies. 

It also highlighted that GPS Renewables is also the only Indian company with joint ventures with both Indian Oil Corporation and Bharat Petroleum Corporation Limited for the development of CBG infrastructure.  The company recently secured an EPC contract from NTPC Limited to construct India’s first Ethanol-to-Jet (ETJ) Sustainable Aviation Fuel (SAF) plant.

The company plans to use the latest fund to drive the next phase of growth, improve its financial position, and accelerate the execution of a growing pipeline of large-scale compressed biogas (CBG) projects across India. A portion of the funds will also be invested in GPSR Arya, the company’s project development platform, to support ongoing and upcoming projects.

Chakraborty, Co-founder and CEO, GPS Renewables, said in a statement:  “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.”