Greenjoules secures Rs 62 crore from Amazon, Singularity Fund

Pune-based green energy startup Greenjoules Pvt Ltd has raised around ₹62 crore ($6.5 million) in an ongoing Series B funding round led by Amazon’s investment arm, Amazon.com NV Investment Holdings.

Singularity AMC’s Singularity Strategic Autonomy Fund also participated in the round, according to regulatory filings.

Greenjoules’ board allotted 40,338 Series B1 compulsorily convertible preference shares (CCPS) to Amazon.com NV Investment Holdings at Rs 11,155.5 per share, raising about Rs 45 crore. A separate allotment of 15,238 Series B1 CCPS to Singularity Strategic Autonomy Fund raised approximately Rs 17 crore.

Founded in 2018 by S Viraraghavan, V Radhika, VS Shridhar and R Sethunath, Greenjoules focuses on converting agricultural residues into renewable fuels. Its technology enables farm waste to be transformed into fuels that can be used in existing diesel engines and industrial equipment, providing an alternative to conventional fossil fuels.

The company is also developing renewable fuel solutions across emerging segments including sustainable aviation fuel (SAF), green hydrogen and biomethane.

The latest funding builds on a $4.5 million equity and debt round raised from Blue Ashva Capital in 2021. The earlier funding of Greenjoules was aimed at establishing commercial-scale waste-to-energy plants and strengthening the company’s research and development capabilities.

Greenjoules’ fundraise comes as India accelerates efforts to expand renewable fuels and reduce dependence on fossil fuels. The country has set a target of achieving net-zero carbon emissions by 2070, with renewable energy, low-carbon technologies and circular resource use forming key components of its long-term decarbonisation strategy.

Recently, the Indian Government has extended support to Greenjoules for its project titled “Manufacturing of 2nd Generation Diesel Equivalent Biofuel” that aims to establish a commercial-scale facility for the production of advanced biofuels derived from agricultural waste and agro-processing residues.