GPS Renewables raises Rs 635 Cr in Series C funding
GPS Renewables will use this funding largely for several growth-related initiatives.
Bengaluru-based GPS Renewables (GPSR), a full-stack renewable oil and gas company, has secured Rs 635 crore in a Series C round of funding from multiple investors.
PixelSky Capital, with participation from Spectrum Impact Family Office and other investors, led the equity funding round of Rs 125 crore as part of the Series C round. Additionally, the company has tied up Rs 200 crore in equity for its asset holding platform, Arya, from a leading Korean conglomerate, following an earlier Rs 310 crore investment from Sojitz Corporation for its asset platform business.
The fresh capital will be deployed to support GPS Renewables’ next phase of growth, expand its bioenergy infrastructure portfolio, and fund ongoing and upcoming projects through GPSR Arya.
According to Mainak Chakraborty, Co-founder and CEO of GPS Renewables, the investment reflects growing confidence in the renewable natural gas sector and will enhance the company’s ability to execute a rapidly expanding project pipeline.
Parag Parikh, Group CFO of GPS Renewables and CEO of Arya, said the funding would strengthen the group’s financial position, support its capital management strategy, and provide additional leverage for its EPC and asset platform businesses. Investors also expressed confidence in the company’s growth trajectory, profitability, and execution capabilities.
Over the past decade, GPS Renewables has developed expertise across technology, engineering, EPC, operations, maintenance, and project development. The company, which employs more than 800 people and generates annual revenue of approximately Rs 1,000 crore, has delivered several projects, including solid waste-based compressed bio gas (CBG) plants in Indore and Barabanki.
GPS Renewables currently has over 30 operational or near-complete projects and visibility on more than 200 CBG projects being developed with oil marketing companies. The company recently secured an EPC contract from NTPC to build India’s first Ethanol-to-Jet Sustainable Aviation Fuel plant, further expanding its role in India’s clean energy transition.