GPS Renewables’ ARYA raises Rs 100 crore Mezzanine Financing from InCred, Spark Capital

ARYA, the project development arm of GPS Renewables, India’s leading biogas (CBG) technology and engineering company, has raised Rs 100 crore of mezzanine financing from InCred Opportunities Fund and Spark Capital.

The current funding is part of a larger Rs 200 crore round that ARYA is currently raising.

Focused on CBG projects

The funds will be used to develop the CBG (Compressed Biogas) projects under the Joint Ventures with Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation Limited (BPCL) as a part of GPS Renewables' ARYA vertical.

ARYA is a climate infrastructure vertical and a 100% owned subsidiary of GPS Renewables focused on sustainable biofuels and industrial decarbonization projects.

Founded with an aim to help India achieve its Net Zero target, Arya incubates, develops, and operates climate-positive projects, with GPS Renewables as the execution partner.

Previous funding and investors

GPS Renewables has previously raised $50 million (Rs 411.50 crore) through debt financing from several leading financial institutions, including Punjab National Bank, HDFC, Yes Bank, HSBC, Kotak Mahindra Bank, ICICI Bank, and others. 

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

Leadership comments

Commenting on the fundraise, Mainak Chakraborty, CEO, GPS Renewables and Chairman, ARYA, "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. 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”