GPS Renewables (GPSR), a full-stack renewable oil and gas company specializing in bioenergy solutions, has secured ₹635 crore through a Series C funding round to support its expansion plans and strengthen its position in India’s growing renewable natural gas sector.
The funding package includes ₹125 crore in equity investment led by PixelSky Capital, with participation from Spectrum Impact Family Office and other investors. Additionally, GPS Renewables has secured a ₹200 crore equity commitment under its project development platform, GPSR Arya, from a leading Korean conglomerate. This follows an earlier ₹310 crore investment in the company’s asset platform business from Sojitz Corporation in partnership with Indian Oil Corporation (IOC).
According to the company, the newly raised capital will be utilized to strengthen its balance sheet, accelerate the execution of large-scale compressed biogas (CBG) projects across India, and support ongoing and future developments under GPSR Arya.
Commenting on the development, Mainak Chakraborty, Co-founder and CEO of GPS Renewables, said the fundraising reflects growing confidence in the renewable natural gas sector and aligns with the company’s strategy to scale bioenergy infrastructure nationwide. He noted that the capital infusion would enhance execution capabilities and support the company’s expanding portfolio as India advances its transition toward cleaner fuels.
Parag Parikh, Group CFO of GPS Renewables and CEO of Arya, stated that the funding would strengthen the company’s financial position and support its long-term capital management plans. He added that the investment would help drive growth in both the EPC business and the company’s asset platform operations.
Investors highlighted GPS Renewables’ operational track record and growth potential. Zerin Rahman, Managing Partner at PixelSky Capital, said the company has demonstrated a disciplined approach to scaling bioenergy infrastructure while maintaining profitability, reinforcing investor confidence in its technology and execution capabilities.
Akshay Panth, Chief Investment Officer at Neev Funds, noted that GPS Renewables represents a strong example of how growth-stage climate capital can help develop emerging sectors. He emphasized the company’s expanding presence in Sustainable Aviation Fuel (SAF) and its potential to contribute significantly to India’s decarbonization and energy security goals.
Over the past decade, GPS Renewables has developed capabilities spanning technology, engineering, EPC services, software, operations and maintenance, and project development. The company currently employs more than 800 professionals and reports annual revenues 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. The company is also developing a major CBG complex in Kakinada, expected to rank among the largest globally.
Its current project portfolio includes more than 30 operational or near-completion facilities, while the company is pursuing over 200 CBG projects in collaboration with oil marketing companies. GPS Renewables is also the only Indian company to have established joint ventures with both Indian Oil Corporation and Bharat Petroleum Corporation Limited for CBG infrastructure development.
Recently, the company 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, further expanding its footprint in the clean energy and advanced biofuels sector.
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