Bengaluru-based GPS Renewables Raised Series C Funding

Bengaluru-based GPS Renewables has raised ₹635 crore in Series C funding led by PixelSky Capital, with participation from Spectrum Impact Family Office and other investors.

Founded in 2012 by IIM-Bangalore alumni Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables is a full-stack renewable oil and gas company focused on compressed biogas (CBG) and bioenergy projects.

Compressed biogas is a renewable, clean gaseous fuel produced from organic and agricultural biomass (including food waste, cow dung, and agro-residues) through anaerobic digestion. 

The biogas can be used as a green alternative to fossil fuels (cooking, thermal applications, power generation), while the physical residue is used as a soil conditioner and liquid fertiliser.

Compressed biogas addresses many problems in India; it turns waste into wealth while mitigating air pollution, reducing energy imports, fulfilling climate goals, alleviating rural poverty, and managing waste.

India faces a severe environmental challenge from stubble burning after harvest, as farmers openly burn biomass every year, causing air pollution.

CBG plants solve this by converting waste such as paddy straw, rice straw, and other crop residues into energy. This provides farmers with a remunerative income from agricultural residues rather than burning them for free and reduces emissions from open burning. 

Additionally, India imports a significant amount of natural gas, creating vulnerability to global price fluctuations. 

This makes GPS Renewables a significant player in India’s compressed biogas production, transmission, and consumption, supported through the Government’s initiatives such as the National Bioenergy Programme, SATAT and GOBARdhan.

In the Budget 2023, the Indian government had budgeted for 500 new ‘waste to wealth’ plants under the GOBARdhan (Galvanising Organic Bio-Agro Resources Dhan) scheme. 

GPS Renewables’ flagship decentralised biogas technology, BioUrja, is a modular, IoT-enabled smart biogas plant that enables remote monitoring and online diagnostics. The solution is deployed at hotels, technology parks, corporate offices, hospitals, and non-profits. 

GPS Renewables has built and commissioned more than 100 installations in Haryana, Rajasthan, Uttar Pradesh and Madhya Pradesh, including one of Asia’s largest plants in Indore.

The company plans to use the funding to strengthen the balance sheet and accelerate execution of large-scale CBG projects across India. 

In 2022, GPS Renewables raised Series B funding from Neev Fund II, with SBICap Ventures as the lead investor.