SUMMARY
- ARYA raised ₹100 crore in mezzanine financing from InCred and Spark Capital as part of a larger ₹200 crore round.
- The funds will support CBG projects in collaboration with IOCL and BPCL, enhancing India’s climate infrastructure.
- GPS Renewables focuses on sustainable biofuels and operates over 100 biogas plants, including Asia’s largest RNG plant.
ARYA, a wholly-owned subsidiary of GPS Renewables, has successfully raised ₹100 crore in mezzanine financing from InCred Opportunities Fund and Spark Capital. This funding is part of a larger ₹200 crore financing round that ARYA is currently pursuing.
The capital will be utilized to advance Compressed Biogas (CBG) projects developed through joint ventures with Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation Limited (BPCL), aimed at enhancing India’s climate infrastructure.
Mainak Chakraborty, CEO of GPS Renewables and Chairman of ARYA, stated, “The current round will accelerate our efforts towards fast-tracking our joint venture projects with Indian Oil Corporation and Bharat Petroleum. These projects are pivotal for India’s transition to sustainable green energy.”
Chakraborty emphasized the company’s commitment to 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 to support the growth of our projects under the ARYA vertical, contributing to India’s clean energy goals,” he added.
ARYA is dedicated to developing sustainable biofuels and industrial decarbonization projects, incubating climate-positive initiatives with GPS Renewables as the execution partner. The company operates over 100 biogas plants, including Asia’s largest Renewable Natural Gas (RNG) plant based on Municipal Solid Waste (MSW) located in Indore. GPS Renewables offers end-to-end solutions for the development, production, and distribution of biofuels.
Founded in 2022, ARYA focuses on commissioning Build-Own-Operate (BOO) projects, reinforcing its climate impact ambitions. Prior to this funding round, GPS Renewables raised ₹411.5 crore ($50 million) through debt financing from various financial institutions, including Punjab National Bank, HSBC, HDFC, Yes Bank, and Kotak Mahindra Bank. Additionally, the firm secured $20 million in equity funding from Neev Fund II, managed by SBICap Ventures, Hivos-Triodos Fund, and Caspian Impact Investments.
