GPS Renewables, a full-stack biofuels startup based in Bengaluru, has secured $50 million (Rs 411.50 crore) in debt financing from a consortium of prominent financial institutions.
This funding will bolster the company’s efforts to advance climate-positive biofuel projects across India, particularly in the realm of compressed biogas (CBG) plants.
Key Funding Details
The funding round was led by a consortium of financial institutions including Punjab National Bank, HDFC, Yes Bank, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, Spark Capital, Tata Capital, and SIDBI.
This substantial injection of capital will fuel GPS Renewables’ expansion initiatives and contribute to India’s sustainable energy transition.
Company Mission and Strategy
GPS Renewables specializes in providing technology and project solutions for the development of biofuels, with a focus on promoting environmentally-friendly energy alternatives.
The company’s mission is to accelerate India’s adoption of green energy solutions through innovative and sustainable practices.
Insights from Management
Tilak Minocha, Chief Finance Controller of GPS Renewables, expressed enthusiasm about the funding round, stating that it will enable
the company to ramp up its expansion efforts and support India’s shift towards renewable energy sources. The company’s founders,
Mainak Chakraborty and Sreekrishna Sankar, are dedicated to driving positive change in the biofuel sector through technology and innovation.
Previous Funding and Acquisitions
Prior to this debt financing round, GPS Renewables had secured $20 million in equity funding from Neev Fund II by SBICap Ventures,
The Netherlands-based Hivos-Triodos Fund, and Hyderabad-based Caspian Impact Investments. The company has also recently acquired Proweps Envirotech GmbH, a Germany-based design and engineering firm specializing in biogas production technologies.
Order Book and Growth Projections
With an order book totaling $240 million (Rs 2,000 crore) and Memorandums of Understanding (MoUs) valued at $540 million (Rs 4,500 crore) for multiple CBG plants across India,
GPS Renewables is poised for significant expansion in the biofuel market. The company aims to surpass a turnover of $60 million (Rs 500 crore) in FY23-24, representing a remarkable growth rate of 225% compared to the previous fiscal year.
Conclusion
GPS Renewables’ successful debt financing round underscores the growing investor confidence in the potential of cleantech biofuel solutions.
By leveraging cutting-edge technology and strategic partnerships, the company is well-positioned to drive sustainable development and contribute to India’s renewable energy goals.
As GPS Renewables continues to scale its operations and expand its footprint, it remains committed to pioneering innovative solutions for a greener future.
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