ARYA, the project development division of GPS Renewables, has secured INR 100 crore in mezzanine funding from InCred Opportunities Fund and Spark Capital. This investment is part of an ongoing INR 200 crore funding round to advance ARYA’s initiatives in the biogas sector.
The new funds will be channeled primarily into developing compressed biogas (CBG) projects through joint ventures with industry leaders Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation Limited (BPCL).
The CEO of GPS Renewables and Chairman of ARYA, Mainak Chakraborty, commented on this financing, “The current round will accelerate our efforts towards fast-tracking our joint venture projects with Indian Oil Corporation and Bharat Petroleum. These projects have the potential to play a key role in India’s transition to sustainable green energy.”
He added, “Over the last few years, we have been at the forefront of enhancing biofuel production capacity and streamlining adoption processes. Over the next year, our focus will be on expanding our capacity and strengthening partnerships with key players,” Chakraborty added.
Established in 2022, ARYA is a wholly-owned subsidiary of GPS Renewables, focused on executing build-own-operate (BOO) biogas projects and advance sustainable biofuels & industrial decarbonization projects.
GPS Renewables has a strong track record in capital raising, previously securing USD 50 million in debt financing from major financial institutions, including Punjab National Bank, HDFC, Yes Bank, HSBC, Kotak Mahindra Bank, and ICICI Bank. Additionally, it raised USD 20 million in equity from Neev Fund II (SBICap Ventures), Hivos-Triodos Fund, and Caspian Impact Investments.
Headquartered in Bengaluru, GPS Renewables is a full-stack biofuels firm providing end-to-end solutions for biofuel development, production, and distribution. It has set up over 100 biogas plants, including Asia’s largest renewable natural gas (RNG) plant in Indore, inaugurated by Indian Prime Minister Narendra Modi.
Recently, GPS Renewables also acquired Proweps Envirotech GmbH, a Germany firm specializing in converting municipal, industrial, and agricultural waste into biogas. GPS Renewables has also formed Joint Ventures with state owned BPCL and IOCL for the development of CBG projects in India.
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