New Delhi, June 8 -- GPS Renewables Pvt Ltd, the Bengaluru-based bioenergy company that counts SBI Ventures-managed Neev Fund as an investor, has raised Rs 635 crore ($66.3 million) in Series C funding structured across three tranches, as international and domestic investors continue to bet on India's renewable natural gas sector.
The round includes Rs 125 crore in equity capital led by PixelSky Capital, with participation from Spectrum Impact Family Office and other investors, GPS said in a statement on Monday.
GPSR Arya, the company's project development platform, has secured a Rs 200 crore equity commitment from a leading South Korean conglomerate, the Indian company said, without identifying the investor.
The third component is an earlier Rs 310 crore investment in the company's asset platform business from Sojitz Corporation, the Japanese trading house, in partnership with state-run Indian Oil Corporation.
GPS Renewables said it will use the capital to strengthen its balance sheet, accelerate execution of large-scale compressed biogas projects across India, and support ongoing and future developments under GPSR Arya.
The company was founded in 2012 by IIM Bangalore alumni Mainak Chakraborty and Sreekrishna Sankar. It operates across the biofuel value chain, spanning bio-process engineering, gas purification technologies, compressed biogas, renewable natural gas, second-generation ethanol, sustainable aviation fuel and green hydrogen.
GPS raised Rs 22 crore ($3 million then) in Series A funding from impact investors Caspian and Hivos-Triodos fund in 2020. It secured Series B capital from Neev Fund II in early 2022, taking its total funding till then to $20 million.
The investors
PixelSky Capital, which led the equity tranche in the Series C round, is a Mumbai-based secondaries-focused investment firm. It is backed by IndigoEdge, a boutique investment bank, and led by managing partners Hitesh Ahuja, founder of Yumlane and former senior executive at private equity firm New Silk Route, and Zerin Rahiman, who previously managed IndigoEdge's proprietary book.
Its limited partner base includes members of the DSP Group-promoted Kothari family, India Quotient founder Anand Lunia, and several startup founders. The firm has previously backed Purplle and Porter, and is working toward a final close of its Rs 400 crore debut fund. It invested Rs 40-45 crore in GPS.
Spectrum Impact, the co-investor in the equity tranche, is the family office of Rajendra Gogri, chairman and managing director of Aarti Industries, and his wife Arti Gogri. Based in Mumbai, it manages a for-profit investment pool and a separately identified not-for-profit pool, allocating capital toward technologies and businesses working to arrest and reverse climate change.
The Rs 310 crore Sojitz component relates to the Japanese trading house's April 2025 investment in IOC GPS Renewables Pvt. Ltd (IGRPL), a joint venture between GPS Renewables and Indian Oil. Through this investment, Sojitz entered the biomethane production and sales business in India. IGRPL plans to set up 30 biomethane plants with total project outlay estimated at over $400 million.
Published by HT Digital Content Services with permission from VC Circle.