Bengaluru-based GPS Renewables (GPSR), a full-stack renewable oil and gas company, has raised ₹635 crore through a combination of equity funding and strategic investments to support the expansion of its compressed biogas (CBG) business.
The Series C round includes ₹125 crore in equity funding led by PixelSky Capital, with participation from Spectrum Impact Family Office and other investors.
The company has also secured a ₹200-crore equity commitment for its asset platform, Arya, from a leading Korean conglomerate. Earlier, it had raised ₹310 crore for its asset platform business from Sojitz Corporation in partnership with Indian Oil Corporation.
Growth plans
The fresh capital will be used to strengthen the company’s balance sheet, support its next phase of growth and accelerate the execution of a growing pipeline of large-scale CBG projects across India. A portion of the funds will also be invested in GPS Arya to support ongoing and upcoming projects.
“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,” GPS Renewables Co-founder and Chief Executive Officer Mainak Chakraborty said.
GPS Renewables, which employs over 800 people, has built capabilities across technology, engineering, EPC, operations and project development. The company generates annual revenue of around ₹1,000 crore.
Project pipeline
“The capital raise allows the GPS group to fortify its balance sheet and support its capital management plan. It will help us scale our EPC business and invest further in GPS Arya, our asset platform business,” GPS Renewables Group Chief Financial Officer and Arya Chief Executive Officer Parag Parikh said.
Over the past decade, GPS Renewables has executed several landmark projects, including Asia’s largest municipal solid waste-based CBG plant in Indore and a large-scale CBG facility in Barabanki. Its upcoming project in Kakinada is expected to be among the world’s largest CBG complexes.
The company currently has more than 30 operational or near-complete projects and visibility on over 200 CBG projects being developed in partnership with oil marketing companies.