GPS Renewables has received Series B funding from Neev Fund II.
- ByStartupStory | March 16, 2022
GPS Renewables, a Bengaluru-based bioenergy technology business, has received new money from Neev Fund II, a venture capital fund managed by SBICap Ventures, in a Series B funding round. The business stated that the funds will be used for R&D as well as to assist its next phase of growth and expansion.
The latest round of funding brings the startup’s total funding to $20 million. Hivos-Triodos Fund and Caspian Impact Investments invested in GPS Renewables in a Series A round in late 2020, raising $3 million.
GPS Renewables, founded in 2012 by IIM-B grads Mainak Chakraborty and Sreekrishna Sankar, focuses on bio methanation technology to address the problem of organic waste management, expedite the replacement of fossil fuels with bioenergy, and reduce climate change.
Successful completion of Asia’s largest BioCNG plant, the startup is now working on the world’s largest BioCNG power station in Hyderabad, in collaboration with Japanese development partners.
In 2017, India’s cleantech sector was valued at more than $25 billion, and by 2030, India is predicted to cover 50% of its energy demand with renewables.
According to recent joint research undertaken by the International Energy Agency and the Council on Energy, Environment, and Water, India’s renewable energy sector has seen a five-fold increase in investment in the last five years. Also, by 2040, the country will have a significant share of the global cleantech market in technologies such as batteries, wind energy, and solar energy.
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