BENGALURU, India — GPS Renewables (GPSR) has secured ₹635 crore in Series C funding and strategic asset platform commitments to accelerate India’s transition toward low-carbon economic development. Amid the nation’s intensified push for energy security, the capital will bolster GPSR’s ability to scale large-scale bioenergy infrastructure, specifically focusing on Renewable Natural Gas (RNG) and the burgeoning Sustainable Aviation Fuel (SAF) market.
DETAILED FUNDING ARCHITECTURE
The ₹635 crore capital package represents a mix of growth-stage equity and project-specific commitments aimed at expanding the company’s full-stack biofuels operations:
- Equity Component: A ₹125 crore Series C investment led by PixelSky Capital, with significant participation from the Spectrum Impact Family Office and other private investors.
- Asset Platform Commitments (Arya): A ₹200 crore equity tie-up for the company’s Build-Own-Operate (BOO) arm, Arya, from a leading South Korean conglomerate.
- Historical Context: A prior ₹310 crore asset-platform investment involving Sojitz Corporation and Indian Oil Corporation (IOC).
STRATEGIC DEPLOYMENT OF CAPITAL
The company intends to utilize the freshly induced capital to fortify its position as a market leader in the bioenergy sector. Key deployment areas include:
- Strengthening the consolidated balance sheet and funding a comprehensive capital management plan.
- Supporting the rapid expansion of the Engineering, Procurement, and Construction (EPC) division to handle increased demand.
- Accelerating the execution of a growing pipeline of large-scale Compressed Biogas (CBG) projects through GPSR Arya, which serves as the company’s dedicated project development platform.
CURRENT OPERATIONAL SCALE AND MARKET FOOTPRINT
GPS Renewables has established a significant industry presence, backed by a workforce of over 800 employees and a massive project visibility pipeline.
| Metric | Detail |
| Annual Revenue | Approximately ₹1,000 crore |
| Workforce | 800+ employees |
| Operational Capacity | 30+ operational or near-complete facilities |
| Project Pipeline | Visibility on 200+ upcoming CBG projects with oil marketing companies |
STRATEGIC ALLIANCES AND TECHNICAL MILESTONES
GPS Renewables occupies a unique competitive position as the only Indian company to establish joint ventures with all three major Public Sector Undertakings (PSUs) in the oil sector: Indian Oil Corporation (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Oil India.
- Public Sector Partnerships: On April 23, 2025, the company signed a definitive JV agreement with BPCL to establish 8–10 CBG plants across Bihar, Odisha, Punjab, Uttar Pradesh, and West Bengal, targeting high agri-biomass potential regions.
- Technological Expansion: The firm has been awarded an EPC contract by NTPC Limited to construct India’s first Ethanol-to-Jet (ETJ) Sustainable Aviation Fuel plant, marking a major technical milestone in domestic decarbonization.
- International Technical Depth: Capabilities were further bolstered by the acquisition of Proweps Envirotech GmbH, a German specialist in design and engineering for biogas production from industrial organic waste.
EXECUTIVE COMMENTARY
“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.” — Mainak Chakraborty, Co-founder and CEO, GPS Renewables
“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.” — Parag Parikh, Group CFO GPS Renewables and CEO, Arya
INSTITUTIONAL INVESTOR PERSPECTIVES
Zerin Rahman, Managing Partner at PixelSky Capital, highlighted GPS Renewables’ highly disciplined approach to scaling and its consistent profitability since inception as core drivers for the investment. Akshay Panth, Chief Investment Officer at SBI Ventures Limited, representing the SVL-SME Fund (Neev II), noted that the company’s expansion into Ethanol-to-Jet technology and SAF positions them to deliver a significant decarbonization impact, directly addressing India’s twin challenges of energy transition and security.
ABOUT GPS RENEWABLES
Headquartered in Bengaluru, GPS Renewables is a leading full-stack renewable oil and gas company providing end-to-end technology and project solutions. The company has established over 100 biogas plants, including Asia’s largest RNG facility based on municipal solid waste in Indore, which was inaugurated by Prime Minister Narendra Modi. Through its asset platform, GPSR Arya, the company develops Build-Own-Operate projects in collaboration with major public sector oil marketing companies.
Website: https://gpsrenewables.com/
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