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Greenjoules raises Rs 150 Cr in Series B led by Amazon funds, secures Rs 100 Cr loan from TDB

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Greenjoules raises Rs 150 Cr in Series B led by Amazon funds, secures Rs 100 Cr loan from TDB

Pune-based renewable fuels startup Greenjoules has raised Rs 150 crore in a Series B funding round co-led by Amazon’s Smbhav Venture Fund and Climate Pledge Fund.

The round also saw participation from Rainmatter, the investment arm of Zerodha, and Singularity’s Strategic Autonomy Fund. Blue Ashva Capital, which led the company’s Series A round in 2021, remains its largest shareholder.

Separately, Greenjoules has secured a Rs 100 crore loan from the Technology Development Board (TDB), under the Department of Science and Technology. The combined Rs 250 crore financing will support the company’s expansion plans.

The proceeds will be deployed to set up a manufacturing facility at Khed City in Pune, with a planned capacity to produce 200,000 litres of biocrude per day from agricultural waste. The facility will be developed in phases, starting in 2027, Greenjoules said in a press release.

Founded in 2018 by S. Viraraghavan, Radhika Viraraghavan, Shweta Viraraghavan and Sethunath Ramaswamy, Greenjoules converts agricultural and agro-industrial waste into renewable fuels using its proprietary Integrated Catalytic Thermocracking (ICTC) technology. Its biocrude is further processed into renewable diesel and bio-naphtha.

The company’s renewable diesel can be used in existing vehicles, engines and fuel infrastructure without modifications. Greenjoules is also exploring applications in sustainable aviation fuel (SAF), green hydrogen and sustainable materials.

India’s renewable fuels sector has attracted investments in companies developing alternatives to conventional fuels using agricultural and organic waste.

In June, Bengaluru-based GPS Renewables secured Rs 635 crore in Series C funding and associated financing to expand its compressed biogas (CBG) infrastructure.


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