Cleantech startup GPS Renewables has raised $3 million in a Series A funding led by Hivos-Triodos Fund from The Netherlands and Hyderabad-based impact investing firm Caspian.
Founded in 2012, the Bengaluru-based GPS Renewables deploys biogas technologies to solve organic waste management challenges and accelerate the substitution of fossil fuel with bio-energy.
Caspian Investment Director B.V. Ravi Narasimham said the startup’s business model and sustainable solutions address the organic waste management challenges faced by urban establishments.
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The company’s core products are BioUrja, a modular biogas plant and BiogasBot, a proprietary AI solution for remote predictive bioprocess management. The BioUrjas convert organic waste into clean energy for captive usage, significantly reducing their carbon footprint.
Co-founder and COO Sreekrishna Sankar said, “The funds from the current equity round will go towards team expansion, as we plan to strengthen our senior and middle management. A sizeable investment will also be made towards our continuous R&D efforts to improve our biogas upgradation, feedstock expansion and faecal sludge to energy solutions.”
Co-founder and CEO Mainak Chakraborty said the company has achieved good growth in the last three years purely via debt. Caspian Debt has played an instrumental role in our journey by catering to our specific needs as a business, with customised loans that helped us achieve scale.
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Hivos-Triodos Fund is a joint initiative of Triodos Bank and Hivos Foundation. “GPS Renewables fits very well into our sustainable energy transition portfolio. Caspian is one of our long-term, valued partners in India and we are pleased to be a part of this fund raise,” said Karel Nierop, Fund Manager at Triodos Investment Management.