[Funding alert] Cleantech startup GPS Renewables raises $3M led by Triodos and Caspian
Bangalore-based cleantech startup GPS Renewables on Wednesday announced that it has raised $3 million in a Series A funding, led by Netherlands based Hivos-Triodos Fund and Hyderabad-based Caspian.
According to Sreekrishna Sankar, Co-founder and COO of GPS Renewables, the funds from the current equity round will go towards team expansion, as the startup plans to strengthen its senior and middle management.
A sizeable investment will also be made towards its continuous R&D efforts to improve biogas upgradation, feedstock expansion and faecal sludge to energy solutions.
Mainak Chakraborty, Co-founder and CEO of GPS Renewables, said, “In the last three 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.”
GPS Renewables Founders(L:R) Sreekrishna Sankar, Mainak Chakraborty
Commenting on this investment, B V Ravi Narasimham Investment Director, Caspian said,
“ GPS Renewables's 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 bio energy 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.”
Founded in 2012 by IIM Bangalore alumni Mainak and Sreekrishna, GPS Renewables aims to transition the world to a cleaner and more sustainable way of living. Presently, the startup is tackling a $500-billion market opportunity and is building from India for the World.
GPS's 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. These BioUrjas convert organic waste into clean energy for captive usage, significantly reducing their carbon footprint.
The startup 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.