Pune-based renewable fuels startup Greenjoules raises Rs 150 crore Series B for biocrude plant
Greenjoules raises Rs 150 crore in Series B co-led by Amazon's Smbhav Venture Fund and Climate Pledge Fund, plus a Rs 100 crore TDB loan.
- Raised
- ₹150 Cr
- Stage
- Series B
- Status
- Announced
Pune-based renewable fuels startup Greenjoules has raised Rs 150 crore in a Series B round co-led by Amazon’s Smbhav Venture Fund and Climate Pledge Fund.
Rainmatter, the investment arm of Zerodha, and Singularity’s Strategic Autonomy Fund also participated. Blue Ashva Capital, which led the Series A round in 2021, remains the largest shareholder.
In August, Newzchain reported that Greenjoules had raised about $6.5 Mn (around ₹62 Cr) in what was then an ongoing Series B.
Separately, Greenjoules has secured a Rs 100 crore loan from the Technology Development Board, under the Department of Science and Technology. The combined Rs 250 crore financing will support its expansion plans.
Greenjoules was founded in 2018 by S. Viraraghavan, Radhika Viraraghavan, Shweta Viraraghavan and Sethunath Ramaswamy. It converts agricultural and agro-industrial waste into renewable fuels using its proprietary Integrated Catalytic Thermocracking (ICTC) technology.
The process produces biocrude, which is then refined into renewable diesel and bio-naphtha. The company says its renewable diesel can run in existing vehicles, engines and fuel infrastructure without modifications.
Greenjoules is also exploring uses in sustainable aviation fuel, green hydrogen and sustainable materials.
The money will go toward a manufacturing facility at Khed City in Pune, planned to produce 200,000 litres of biocrude per day from agricultural waste. The facility will be built in phases, starting in 2027, the company said.
The significance lies in the drop-in nature of the product. Fuel that works in existing engines and infrastructure avoids the vehicle and distribution changes that other alternatives to conventional fuels require, and the plant would turn agricultural waste into a fuel feedstock at industrial scale.
The round adds to a run of investments in Indian companies building alternatives to conventional fuels from agricultural and organic waste. Earlier this year, Bengaluru-based GPS Renewables secured Rs 635 crore in Series C funding and associated financing for compressed biogas infrastructure, and Ecoil raised $2.5 million in April for its used cooking oil collection network.
