Bengaluru-based GPS Renewables has raised INR 635 crore in Series C funding as the renewable oil and gas company looks to expand its compressed biogas (CBG) infrastructure and strengthen its position in India's clean energy sector. 
The funding round includes INR 125 crore in equity investment led by PixelSky Capital, with participation from Spectrum Impact Family Office and other investors. The company has also secured a commitment of INR 200 crore under its asset holding platform, Arya, from a leading Korean conglomerate. This follows an earlier partnership in the asset platform business, under which Sojitz Corporation invested INR 310 crore alongside Indian Oil Corporation (IOC). 
According to the company, the newly raised capital will support the next phase of growth, improve financial strength, and accelerate the execution of a growing pipeline of large-scale CBG projects across the country. Part of the investment will also be directed towards GPSR Arya to support ongoing and upcoming project development activities. 
Mainak Chakraborty, Co-founder and Chief Executive Officer of GPS Renewables, said the fundraise reflects increasing confidence in the renewable natural gas sector and will help the company scale large bioenergy infrastructure projects across India. He added that the capital would strengthen execution capabilities as the company continues to expand its project portfolio and contribute to the country's transition towards cleaner fuels. 
Parag Parikh, Group Chief Financial Officer of GPS Renewables and Chief Executive Officer of Arya, said the funding would strengthen the group's balance sheet and support its broader capital management strategy. He noted that the funds would also help the company leverage growth opportunities in its engineering, procurement and construction (EPC) business while supporting investments in the asset platform. 
Investors highlighted the company's execution track record and growth prospects in the bioenergy sector. PixelSky Capital stated that GPS Renewables has demonstrated a disciplined approach to scaling bioenergy infrastructure while maintaining profitability since inception. Neev Funds also reaffirmed its support, citing the company's growing presence in sustainable aviation fuel (SAF) and its potential contribution towards India's energy transition goals. 
Founded over a decade ago, GPS Renewables has built capabilities across technology development, engineering, software solutions, EPC services, operations and maintenance, and project development. The company currently employs more than 800 people and reports annual revenue of approximately INR 1,000 crore. 
Over the years, the company has delivered several large-scale bioenergy projects. These include Asia's largest municipal solid waste-based CBG plant in Indore and a large CBG facility in Barabanki that was completed within a short execution timeline. It is also developing a major CBG complex in Kakinada, which is expected to rank among the largest such facilities globally upon completion. 
GPS Renewables 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. The company is also the only Indian player with joint ventures involving 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 develop India's first Ethanol-to-Jet (ETJ) Sustainable Aviation Fuel plant, marking its entry into another emerging segment of the renewable fuels market. 
Headquartered in Bengaluru, GPS Renewables operates as a full-stack renewable oil and gas company focused on climate-positive biofuel projects. In recent years, it has expanded beyond captive biogas plants to develop large renewable natural gas facilities and has formed strategic partnerships with Indian Oil, Bharat Petroleum and Oil India to establish CBG plants across the country using agricultural and organic waste feedstock. 
Source PTI