GPSR Arya, the asset platform of GPS Renewables, India’s leading full-stack biofuels company, has raised INR 500 million in mezzanine funding from Alternates by Axis AMC.
The funding will be utilized to accelerate the development of compressed biogas (CBG) projects across India through GPSR Arya’s partnerships with public sector oil marketing companies, including Indian Oil Corporation Limited and Bharat Petroleum Corporation Limited.
The investment comes at a time when India is looking to strengthen domestic sources of clean fuels amid volatility in global energy markets. Currently, India is a net importer of natural gas, making the sector sensitive to geopolitical developments.
The ongoing instability in West Asia and the resultant trade disruptions have led to rationing and price hikes on LPG cylinders across the country. CBG, globally known as Renewable Natural Gas (RNG), is produced from organic waste on Indian soil, and is structurally insulated from these shocks. Its feedstock is domestic and its price does not move with geopolitical disruptions. It is increasingly being seen as a key alternative fuel that can support decarbonization and strengthen India’s energy security.
Mainak Chakraborty, CEO and Co-Founder, GPS Renewables, said, “Recent developments in the global energy market have highlighted the need and importance of building domestic fuel alternatives. CBG offers a unique advantage for India, given the abundance of locally available feedstock that can support the development of large-scale biofuel infrastructure. This deal reflects growing institutional recognition of biomethane and CBG both as a clean energy opportunity and as a strategic energy security asset.”
Commenting on the fundraise, Parag Parikh, CEO, GPS Renewables Arya, said, “As India accelerates its clean energy transition, the focus for the sector is now towards large and scalable biogas infrastructure. Through the Arya platform, our priority is to accelerate the development of biogas projects across the country by expanding capacity across multiple feedstocks and geographies. This funding will play a key role in building a nationwide network of CBG plants that can contribute towards reducing fossil fuel dependence and lowering greenhouse gas emissions.”
Nachiket Naik, Head – Structured Credit at Axis AMC, said, “The transaction, one of the first in the private credit space in the CBG sector, demonstrates Axis AMC’s commitment to deliver tailored solutions for emerging cleantech sectors. We see this investment as a step towards supporting the development of large-scale CBG projects that can accelerate India’s efforts towards clean energy transition.”
The transaction was advised by Elements Financial Solutions Private Limited, which supported debt structuring, lender engagement, and documentation.
Over the past decade, GPS Renewables has built unmatched capabilities across technology, software, design & engineering, EPC, O&M, and project development. Today, the company is an 800-member strong organization. As a project developer, GPS Renewables is currently developing biogas projects with a capital outlay approaching USD 1 billion. The company’s focus is now expanding into more alternative fuels, including Sustainable Aviation Fuel (SAF).
The company’s landmark projects include Asia’s largest MSW-based CBG plant in Indore, the world’s fastest-executed CBG plant in Barabanki, and the upcoming world’s largest CBG complex in Kakinada (~67–70 TPD).
GPS Renewables’ current pipeline includes 30+ operational or near-complete projects, with long-term visibility on over 200 CBG projects under development in partnership with oil marketing companies. Furthermore, GPS Renewables is the only Indian company with JVs with both IOCL and BPCL.
