Greenjoules, a renewable fuels startup based in Pune, has successfully secured ₹150 crore in a Series B funding round. This round was co-led by Amazon's Smbhav Venture Fund and Climate Pledge Fund, with additional investments from Rainmatter, the investment arm of Zerodha, and Singularity's Strategic Autonomy Fund. Blue Ashva Capital, which spearheaded the company's Series A round in 2021, continues to hold the largest share in the company.
In a separate development, Greenjoules has also obtained a ₹100 crore loan from the Technology Development Board (TDB) under the Department of Science and Technology. The combined financing of ₹250 crore will be utilized to establish a manufacturing facility at Khed City in Pune. This facility is set to produce 200,000 liters of biocrude daily from agricultural waste, with construction commencing in phases starting in 2027, as stated in Greenjoules' press release.
Founded in 2018 by S. Viraraghavan, Radhika Viraraghavan, Shweta Viraraghavan, and Sethunath Ramaswamy, Greenjoules specializes in converting agricultural and agro-industrial waste into renewable fuels. The company employs its proprietary Integrated Catalytic Thermocracking (ICTC) technology to produce biocrude, which is then refined into renewable diesel and bio-naphtha. Notably, their renewable diesel is compatible with existing vehicles, engines, and fuel infrastructure without requiring modifications.
Greenjoules is also exploring the potential of its technology in producing sustainable aviation fuel (SAF), green hydrogen, and sustainable materials. This move aligns with a broader trend in India's renewable fuels sector, which has seen a surge in investments aimed at developing alternatives to conventional fuels using agricultural and organic waste.
Investment Surge in India's Renewable Fuels Sector
India's renewable fuels sector has been attracting significant investments. In June, Bengaluru-based GPS Renewables raised ₹635 crore in Series C funding to expand its compressed biogas (CBG) infrastructure. Similarly, FarmWatt Innovations secured ₹32.5 crore from IAN Alpha Fund and Rainmatter to bolster its biomass collection network. BiofuelCircle also raised ₹35 crore in a bridge round led by Spectrum Impact to enhance its biomass supply chain.
In another development, Ecoil received $2.5 million in April from Fundalogical Ventures and other investors to expand its used cooking oil collection network for biodiesel and SAF production. These investments highlight the growing interest and potential in renewable energy solutions within the region.
