B’Luru Based GPS Renewables Secures $3 Mn in Funding From Triodos and Caspian

GPS Renewables, a Bangalore-based cleantech startup has announced that it has raised USD 3 million in Series A funding led by Triodos and Caspian.

GPS Renewables, a Bangalore-based cleantech startup has announced that it has raised USD 3 million in a Series A funding led by the Netherlands based Hivos-Triodos Fund, one of the impact funds managed by Triodos Investment Management, and Hyderabad based Caspian, an Impact Investor, through its fund SME Impact Fund IV.

Founded in 2012 by IIM Bangalore Alumni Mainak Chakraborty and Sreekrishna Sankar, GPS renewables aims to transition the world to a cleaner and more sustainable way of living. The company currently deploys cutting edge biogas technologies to solve the organic waste management challenge and accelerate the substitution of fossil fuel with bio-energy. Presently GPS Renewables is tackling a USD 500 billion market opportunity and is building from India for the World.

Its core products are the BioUrja, a state-of-the-art modular biogas plant and the BiogasBot, a proprietary AI solution for remote predictive bioprocess management. The company has close to 100 BioUrja installations across India, Bangladesh and Sri Lanka with Fortune 500 companies such as Microsoft, Intel, Bosch, Cummins, Saint Gobain, Reliance, JW Marriott Group, and the TATAs. These BioUrjas convert organic waste into clean energy for captive usage, significantly reducing their carbon footprint.

Investment Director B V Ravi Narasimham from Caspian said “We are very excited about our investment with GPS Renewables, especially considering their recent successes. Their business model and sustainable solutions address the overwhelming need for organic waste management challenges faced by urban establishments. Given the extensive experience of the promoters in the bioenergy space, AI technology and their proven business acumen, we trust that the company is well on its way to being a pioneer in the clean energy tech space.”

The Indian bioenergy segment is at an inflection point, thanks to the Swachh Bharat Mission and

Ministry of Petroleum & Natural Gas (MoPNG)’s Sustainable Alternative Towards Affordable Transportation (SATAT) scheme. The SATAT scheme aims to reduce India’s oil import annual bill of over USD 100 Billion by setting up 5,000 bioCNG plants, whose output will be sold via leading oil marketing companies such as IOCL, HPCL, BPCL and GAIL. GPS Renewables is already well-positioned with regards to SATAT post bagging the contract for Asia’s largest bioCNG plant in Central India.

Mainak Chakraborty, Co-founder and CEO of GPS renewables said “In the last 3 years, while we have been able to grow the company by 5x, purely via debt, we have also managed to keep the business profitable, since our inception. Caspian Debt has played an instrumental role in our journey by catering to our specific needs as a business, with customised loans that helped us achieve scale. We are happy to extend our relationship with Caspian and welcome this new partnership with Triodos.”