Greenjoules Raises Rs 150 Crore for Renewable Fuels Expansion

Pune-based renewable fuels startup Greenjoules has successfully raised Rs 150 crore in a Series B funding round. This round was co-led by the Smbhav Venture Fund, part of Amazon, alongside the Climate Pledge Fund. Additionally, Rainmatter, the investment branch of Zerodha, and Singularity’s Strategic Autonomy Fund also participated. Notably, Blue Ashva Capital, which headed Greenjoules’ Series A round back in 2021, continues to be the largest shareholder of the company.

In a separate development, Greenjoules has obtained a Rs 100 crore loan from the Technology Development Board (TDB), which operates under the Department of Science and Technology. The total financing of Rs 250 crore is aimed at bolstering the company’s growth objectives.

The funds will be allocated to the establishment of a manufacturing plant in Khed City, Pune. This facility is set to have the capacity to produce 200,000 litres of biocrude daily sourced from agricultural waste. Greenjoules has announced that this facility will be developed in stages, commencing in 2027, as stated in a recent press release.

Founded in 2018 by S. Viraraghavan, Radhika Viraraghavan, Shweta Viraraghavan, and Sethunath Ramaswamy, Greenjoules specializes in converting agricultural and agro-industrial waste into renewable fuels through its unique Integrated Catalytic Thermocracking (ICTC) technology. The resulting biocrude can then be transformed into renewable diesel and bio-naphtha.

The renewable diesel produced by Greenjoules can be utilized in current vehicles, engines, and fuel infrastructure without the need for any modifications. The company is actively investigating further applications in sustainable aviation fuel (SAF), green hydrogen, and sustainable materials.

India’s renewable fuels industry has been an attractive investment sector for companies that are working on alternatives to traditional fuels derived from agricultural and organic waste. For instance, in June, Bengaluru-based GPS Renewables obtained Rs 635 crore in Series C funding to enhance its compressed biogas (CBG) infrastructure.

Similarly, FarmWatt Innovations raised Rs 32.5 crore from IAN Alpha Fund and Rainmatter to improve its biomass collection system, while BiofuelCircle secured Rs 35 crore in a bridge round led by Spectrum Impact to expand its biomass supply chain. In April, Ecoil gathered $2.5 million from Fundalogical Ventures and other investors to enhance its used cooking oil collection network for biodiesel and SAF production.