Technology

GPS Renewables secures $50 mn in funding from private and public sector banks

In a recent development, GPS Renewables, a full-stack biofuels company, has secured $50 million in debt financing from various private and public sector banks and NBFCs. Participating institutions include Punjab National Bank, HDFC, Yes Bank, and others.

Chief Finance Controller, Tilak Minocha stated, “To further accelerate our efforts, we not only need financial backing but also strategic industry collaborations. The funding will allow us to promote India’s transition to sustainable green energy.”

This financing round comes after GPS Renewables previously raised $20 million in equity funding. The company has seen significant growth, crossing a turnover of $60 million in FY 2023-24 and expanding full-time employee strength from 72 to over 500.

Furthermore, GPS Renewables recently acquired Germany-based Proweps Envirotech GmbH, specializing in technologies for biogas production from organic waste. Founded by Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables provides holistic solutions for biofuels development and distribution.

IANS

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