Key Takeaways
- • Greenjoules, an Indian renewable fuels company, raised nearly $16 million (Rs 150 crore) in a Series B round co-led by Amazon's Smbhav Venture Fund and Climate Pledge Fund.
- • The round also drew participation from Rainmatter, the investment arm of Zerodha, and Singularity's Strategic Autonomy Fund.
- • Greenjoules secured a Rs 100 crore loan from the Technology Development Board under India's Department of Science and Technology, bringing total financing to Rs 250 crore.
- • The proceeds fund a new manufacturing facility at Khed City in Pune, designed to produce 200,000 litres of biocrude daily from agricultural waste, with construction starting in phases from 2027.
- • Blue Ashva Capital, which led the company's 2021 Series A, remains its largest shareholder.
Summary
Greenjoules, a renewable fuels company based in India, has raised nearly $16 million (Rs 150 crore) in a Series B funding round co-led by Amazon's Smbhav Venture Fund and Climate Pledge Fund, according to the original report. Rainmatter, the investment arm of Zerodha, and Singularity's Strategic Autonomy Fund also participated in the round. Blue Ashva Capital, which led the company's Series A round in 2021, continues to be its largest shareholder.
Separately, Greenjoules has secured a Rs 100 crore loan from the Technology Development Board (TDB), which operates under the Department of Science and Technology, Government of India. The loan takes the company's total financing to Rs 250 crore.
The proceeds will support the company's expansion, including a new manufacturing facility at Khed City in Pune. The plant will have capacity to produce 200,000 litres of biocrude per day using agricultural waste as feedstock. Construction will proceed in phases beginning in 2027, and once complete the facility is expected to be the largest of its kind in India.
Shweta Viraraghavan, Co-founder and Chief Technology Officer of Greenjoules, said the company was built without a precedent and spent more than six years demonstrating that low-energy-density agricultural waste could be converted into specification-grade fuel. She said the company plans to extend its technology into sustainable aviation fuel, green hydrogen and sustainable materials.
Separately, Greenjoules has secured a Rs 100 crore loan from the Technology Development Board (TDB), which operates under the Department of Science and Technology, Government of India. The loan takes the company's total financing to Rs 250 crore.
The proceeds will support the company's expansion, including a new manufacturing facility at Khed City in Pune. The plant will have capacity to produce 200,000 litres of biocrude per day using agricultural waste as feedstock. Construction will proceed in phases beginning in 2027, and once complete the facility is expected to be the largest of its kind in India.
Shweta Viraraghavan, Co-founder and Chief Technology Officer of Greenjoules, said the company was built without a precedent and spent more than six years demonstrating that low-energy-density agricultural waste could be converted into specification-grade fuel. She said the company plans to extend its technology into sustainable aviation fuel, green hydrogen and sustainable materials.
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