India’s ace biogas player GPS Renewables (GPSR) has secured Rs 635 crore in a Series C funding round for accelerating the next phase of growth and expanding its bioenergy infrastructure footprint across India.
The funding round includes Rs 125 crore in equity funding led by PixelSky Capital, with participation from the Spectrum Impact Family Office and other investors.
In addition, GPS Renewables has entered into a Rs 200 crore equity partnership under its asset holding platform, GPSR Arya, with a leading Korean firm. This follows an earlier Rs 310 crore investment from Sojitz Corporation in collaboration with Indian Oil Corporation (IOC) for its asset platform business.
GPS Renewables said that the fresh funds will be used to strengthen its financial position and support the execution of a growing pipeline of large-scale compressed biogas (CBG) projects nationwide. A portion of the funds will also be allocated to GPSR Arya to advance ongoing and upcoming developments.
Mainak Chakraborty, CEO, GPS Renewables, said, “The current fundraise comes at a time when we are focused on scaling large-scale bioenergy infrastructure projects across the country. This capital enhances our execution capabilities, and positions us well to deliver on a growing portfolio of projects.”
Group CFO Parag Parikh added that the raise will reinforce the company’s balance sheet and enable further leverage for its EPC operations, while also supporting investments in its asset platform.
Zerin Rahman, Managing Partner at PixelSky Capital, said “GPS Renewables has consistently shown a highly disciplined approach towards scaling bioenergy infrastructure in India. Their proven track record of consistently delivering and being profitable since inception gave us a lot of confidence in their technology and execution capabilities.”
The Bengaluru based bioenergy projects developer has raised funds quite substantially in the recent past. Last April, it secured Rs 500 million or Rs 50 crore in mezzanine funding from Alternates by Axis AMC. Before that Climate Fund Managers (CFM) agreed to invest $ 32.2 million in a waste-to-biogas facility in Uttar Pradesh being built by GPS Renewables.
Similarly, in October 2025, the newly formed joint venture IOC GPS Renewables Pvt Ltd (IGRPL) secured Rs 836 crore from the Indian Bank for the development of nine CBG plants in India.
GPS Renewables has delivered several landmark projects, including Asia’s largest municipal solid waste-based CBG plant in Indore and a fast-executed facility in Barabanki. Its pipeline includes over 30 near-complete projects and more than 200 planned in partnership with oil marketing companies.
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