Debt financing
GPS Renewables raises $50-M to build biogas plants across India
Bengaluru-based cleantech startup GPS Renewables has raised USD 50 million (about INR 410 crore) in a debt financing round from a clutch of banks and non-banking financial companies (NBFCs). The round also saw participation from Punjab National Bank, HDFC Bank, Yes Bank, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, Spark Capital, Tata Capital and SIDBI.The startup will use the capital to expand its footprint and fuel expansion efforts. The capital will also be used for nationwide execution of compressed biogas plants.Founded in 2012 by Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables offers end-to-end solutions for the development, production and distribution of biofuels. The firm had earlier raised USD 20 million from SBICap Ventures, Hivos-Triodos Fund and Caspian Impact Investments.GPS Renewables claims to have built more than 100 biogas plants and has a current order book worth USD 240 million. The company acquired Germany-based design and engineering firm Proweps Envirotech in August last year.
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