GPS Renewables, a Bengaluru-based Cleantech firm, has closed its Series B funding from Neev Fund II, managed by SBICap Ventures. The latest round of funding will be used towards R&D and to support GPS Renewables’ next phase of growth and expansion.
With the current round, GPS has cumulatively raised close to $20 Million in the form of equity. The earlier round was led by the Netherlands based Hivos Triodos Fund and Hyderabad based Caspian Impact Investments in September 2020.
GPS Renewables started with a captive biogas product called the ‘BioUrja’. Today, the company has 100+ BioUrja installations across South Asia, with Fortune 500 companies such as Microsoft, Intel, Bosch, Cummins, Saint Gobain, Reliance, and several other leading hospitality chains such as Oberoi, Taj, ITC, Marriott, Hyatt, and Accor Groups as clients.
Commenting on the investment, Mainak Chakraborty, Co-founder, and CEO of GPS Renewables said, “Untreated organic waste streams, ranging from urban waste to paddy straw, are one of the biggest contributors to global warming and it poses serious health concerns for the current and future generations alike. Climate positive solutions to these problems are the need of the hour, and that’s where GPS’ bioenergy solutions suite comes in. We are excited to partner with Neev II as we further strengthen our mission towards making the world cleaner and more sustainable. This partnership will help accelerate our growth while capitalizing on the organic feedstock to bioenergy market.”
“This investment into GPS resonates with our mission to decarbonize and to support the next generation of climate entrepreneurs. We will continue to open the gates of capital to climate-focused purpose-driven businesses,” Manav Bansal, CIO, Neev Funds said.
“We look forward to our partnership with GPS. It has been a great story of entrepreneurship, and we are impressed with the strong product the team has built from scratch. Neev is proud to partner with GPS in their journey to help the world transition to a more sustainable way of living,” Akshay Panth, Principal, Neev Funds further added.