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GPS Renewables has secured $50 million (₹411.50 crore) in debt financing from a consortium of major banks and non-banking financial companies (NBFCs). Punjab National Bank, HDFC, Yes Bank, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, Spark Capital, Tata Capital, and the Small Industries Development Bank of India (SIDBI) are among the financial players.
Founded by IIM-B alumni Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables has previously attracted $20 million in equity funding from various investors including Neev Fund II by SBICap Ventures, Hivos-Triodos Fund, and Caspian Impact Investments. The company specialises in the development, production, and distribution of biofuels, having established over 100 biogas plants, including Asia's largest RNG facility in Indore, inaugurated by Prime Minister Narendra Modi.
With an existing order book valued at $240 million and Memorandums of Understanding worth $540 million for upcoming projects, GPS Renewables reported a turnover of $60 million for the fiscal year 2023-24, marking a 225% growth from the previous year. The company has expanded its workforce from 72 to over 500 employees during this period, maintaining profitability with a turnover increase exceeding 2500% since FY 2021.
Tilak Minocha, Chief Finance Controller at GPS Renewables, commented on the financing, stating, "At GPS, our aim is to lead the way in India’s clean energy shift. To achieve this goal, we must enhance biofuel production capacity and streamline adoption processes. The current round of funding will allow us to accelerate our expansion efforts and promote India’s transition to sustainable green energy." The company recently expanded its international presence by acquiring Germany-based Proweps Envirotech GmbH and announced plans for a joint venture with Indian Oil Corporation to develop compressed biogas projects under its GPSR Arya platform.
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