Bengaluru-based biofuels firm GPS Renewables has raised ₹6.35 billion (~$66.6 million) in Series C funding to support its compressed biogas project pipeline across India.

The Series C round includes ₹1.25 billion (~$13.1 million) in equity funding led by PixelSky Capital, with participation from Spectrum Impact Family Office and other investors.

It also includes a ₹2 billion (~$20.98 million) equity tie-up with Arya, the company’s asset-holding platform, from a Korean conglomerate.

GPS Renewables said the funding will support its next phase of growth, strengthen its financial position, and accelerate the execution of large-scale compressed biogas projects. A portion of the funds will be invested in GPSR Arya, its project development platform, for ongoing and upcoming projects.

The company said it had earlier tied up ₹3.1 billion (~$32.51 million) from Sojitz Corporation for the asset platform business with Indian Oil Corporation.

GPS Renewables said it has delivered a municipal solid waste-based compressed biogas plant in Indore and a compressed biogas plant in Barabanki. It is also developing an upcoming compressed biogas complex in Kakinada.

The company said its current pipeline includes more than 30 operational or near-complete projects, with visibility on more than 200 compressed biogas projects being developed with oil marketing companies. It has an annual revenue of approximately ₹10 billion (~$104.88 million).

GPS Renewables has joint ventures with Indian Oil Corporation and Bharat Petroleum Corporation to develop compressed biogas infrastructure. It also recently secured an engineering, procurement, and construction contract from NTPC to build India’s first ethanol-to-jet sustainable aviation fuel plant.

This February, IOC-GPS Renewables, an Indian Oil Corporation and GPS Renewables joint venture, invited bids to procure long-term open access solar power under the group captive model for its compressed biogas plants.

GPS Renewables is developing Akaia Green Fuels’ Uttar Pradesh waste-to-biogas project and operating and maintaining the facility under a multi-year agreement.

In 2024, GPS Renewables secured $50 million in debt financing from a consortium of banks and non-banking financial companies to accelerate the nationwide rollout of its compressed biogas and renewable natural gas projects.