The funding includes ₹125 crore in equity led by PixelSky Capital, with participation from the family office of Aarti Industries Pvt. Ltd. and other investors.
The round also includes a ₹200 crore equity commitment for GPSR’s asset platform, Arya and from a leading Korean conglomerate. The company refused to divulge the name of the Korean conglomerate.
This follows an earlier ₹310 crore investment in the company’s asset platform from Sojitz Corporation and Indian Oil Corporation (IOC).
“The fresh capital will be used to support the next phase of growth, enhance financial strength, and accelerate the execution of a growing pipeline of large-scale CBG projects across India,” Mainak Chakraborty, Co-founder and CEO of GPS Renewables told ET, adding that a portion of the proceeds will also be invested in GPSR Arya, the company’s project development platform.
Parag Parikh, Group CFO of GPS Renewables and CEO of Arya, said the funding would strengthen the company’s balance sheet and support its long-term capital management strategy.
“The capital will allow us to leverage further for the EPC business as well as invest in GPS Arya, our asset platform business,” Parikh added.Founded over a decade ago, GPS Renewables has developed capabilities across technology, engineering, EPC services, operations and maintenance, and project development. The company employs more than 800 people and reports annual revenue of approximately ₹1,000 crore.
GPS Renewables has delivered several landmark projects, including Asia’s largest municipal solid waste-based CBG plant in Indore and one of the world’s fastest-executed CBG facilities in Barabanki. It is also developing a major CBG complex in Kakinada that is expected to rank among the largest globally.
The company’s project pipeline includes more than 30 operational or near-complete facilities and visibility on over 200 CBG projects being developed in partnership with oil marketing companies. GPS Renewables is also the only Indian company with joint ventures involving both Indian Oil Corporation and Bharat Petroleum Corporation Limited for CBG infrastructure development.
In a further expansion of its clean fuels portfolio, the company recently secured an engineering, procurement and construction (EPC) contract from NTPC Limited to build India’s first Ethanol-to-Jet (ETJ) Sustainable Aviation Fuel (SAF) plant.
Through its subsidiary GPSR Arya, launched in 2022, the company also develops Build-Own-Operate (BOO) renewable energy assets. GPSR has formed joint ventures with Indian Oil, Bharat Petroleum and Oil India to develop compressed biogas plants that convert agricultural and organic waste into clean energy while reducing carbon emissions.