GPS Renewables' ARYA raises Rs 100 Cr funding from Incred, Spark Capital

ARYA, a wholly-owned subsidiary of GPS Renewables, a full-stack biofuels firm, has raised Rs 100 crore of mezzanine financing from InCred Opportunities Fund and Spark Capital.  

The new investment is part of a larger Rs 200 crore round that ARYA is currently raising.

The fresh capital will be utilised to develop the CBG (Compressed Biogas) projects under its joint ventures with Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation Limited (BPCL) as a part of ARYA’s climate infrastructure vertical. 

“The current round will accelerate our efforts towards fast-tracking our joint venture projects with Indian Oil Corporation and Bharat Petroleum. These projects have the potential to play a key role in India’s transition to sustainable green energy,” said Mainak Chakraborty, CEO of GPS Renewables and Chairman, ARYA.

“Over the last few years, we have been at the forefront of enhancing biofuel production capacity and streamlining adoption processes. Over the next year, our focus will be on expanding our capacity and strengthening partnerships with key players. We will continue to raise funds for the growth of our projects under the ARYA vertical to support India’s clean energy goals,” he added.  

By focusing on developing sustainable biofuels and industrial decarbonisation projects, ARYA incubates and develops climate-positive projects, with GPS Renewables as the execution partner. 

With over 100 biogas plants, including Asia’s largest RNG plant based on MSW (Municipal Solid Waste) in Indore, GPS Renewables provides end-to-end solutions for the development, production, and distribution of biofuels.

The company launched Arya in 2022 to commission BOO (Build-Own-Operate) projects, reinforcing its climate impact ambitions.

Bengaluru-headquartered GPS Renewables previously raised $50 million (Rs 411.50 crore) through debt financing from financial institutions such as Punjab National Bank, HSBC, HDFC, Yes Bank, and Kotak Mahindra Bank, among others. 

In addition, the firm had secured $20 million in equity funding from Neev Fund II by SBICap Ventures, Hivos-Triodos Fund, and Caspian Impact Investments.