Greenjoules Raises ₹150 Crore Series B Led by Amazon Funds, Secures Additional ₹100 Crore TDB Loan

Greenjoules has raised ₹150 crore in Series B funding co-led by Amazon's Smbhav Venture Fund and Climate Pledge Fund, alongside securing a separate ₹100 crore loan from the Technology Development Board (TDB), under India's Department of Science and Technology.

The combined ₹250 crore financing will support the Pune-based renewable fuels company's manufacturing expansion, including a planned facility at Khed City in Pune with the capacity to produce 200,000 litres of biocrude per day from agricultural waste.

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

According to the company, development of the new manufacturing facility will take place in phases, beginning in 2027.

Greenjoules Founders and Renewable Fuel Technology

Founded in 2018, Greenjoules was established by S. Viraraghavan, Radhika Viraraghavan, Shweta Viraraghavan and Sethunath Ramaswamy.

The company converts agricultural and agro-industrial waste into renewable fuels using its proprietary Integrated Catalytic Thermocracking (ICTC) technology.

Its process produces biocrude, which is further processed into renewable diesel and bio-naphtha. The company says its renewable diesel can be used in existing vehicles, engines and fuel infrastructure without requiring modifications.

This approach targets a key challenge in renewable fuel adoption: developing alternatives to conventional fuels that can work with existing infrastructure.

₹250 Crore Financing to Expand Biocrude Manufacturing

The latest financing combines two different sources of capital.

The ₹150 crore Series B equity round was co-led by Amazon's Smbhav Venture Fund and Climate Pledge Fund, with participation from Rainmatter and Singularity's Strategic Autonomy Fund.

Separately, Greenjoules secured a ₹100 crore loan from the Technology Development Board, which operates under the Department of Science and Technology.

The combined financing will support the establishment of a manufacturing facility at Khed City in Pune.

The planned facility is designed to produce 200,000 litres of biocrude daily using agricultural waste as its feedstock. Construction and development are expected to proceed in phases starting in 2027.

The distinction between equity and debt matters: the Series B represents investment in the company, while the TDB loan creates a separate financing obligation.

How Greenjoules Converts Agricultural Waste Into Renewable Fuels

Greenjoules focuses on converting agricultural and agro-industrial waste into fuel products through its proprietary ICTC technology.

Its production process generates biocrude, which can then be processed into renewable diesel and bio-naphtha.

The company says its renewable diesel is compatible with existing vehicles, engines and fuel infrastructure without requiring modifications. This could reduce the need for extensive infrastructure changes when adopting alternative fuels.

Beyond its existing products, Greenjoules is exploring opportunities in sustainable aviation fuel (SAF), green hydrogen and sustainable materials.

These areas could provide additional applications for its waste-conversion technology, although the announcement does not disclose commercial launch timelines or production targets for these initiatives.

Amazon Funds and Other Investors Back Greenjoules

The Series B brings together investors from the climate technology, financial and strategic investment sectors.

Amazon's Smbhav Venture Fund and Climate Pledge Fund co-led the round. Rainmatter and Singularity's Strategic Autonomy Fund also participated.

Blue Ashva Capital, which led Greenjoules' previous Series A funding round in 2021, remains the company's largest shareholder.

The investment supports Greenjoules' plans to scale renewable fuel production using agricultural waste, a resource with potential applications across India's energy and industrial sectors.

India's Renewable Fuel Sector Attracts Investment

Greenjoules' latest financing comes amid increasing investment in Indian companies developing alternatives to conventional fuels.

Other companies in the sector have also secured capital to expand renewable fuel production and feedstock infrastructure.

Bengaluru-based GPS Renewables secured ₹635 crore in Series C funding and associated financing in June to expand its compressed biogas infrastructure.

FarmWatt Innovations raised ₹32.5 crore from IAN Alpha Fund and Rainmatter to strengthen its biomass collection network. BiofuelCircle raised ₹35 crore in a bridge round led by Spectrum Impact to expand its biomass supply chain.

Ecoil also raised $2.5 million in April from Fundalogical Ventures and other investors to expand its used cooking oil collection network for biodiesel and sustainable aviation fuel production.

These investments highlight different approaches to renewable fuels, including agricultural waste conversion, compressed biogas and the collection of waste-based feedstocks.

What Greenjoules' ₹250 Crore Financing Means for Renewable Fuels

Greenjoules' financing provides capital to move its agricultural-waste conversion technology towards larger-scale manufacturing.

The planned Khed City facility, with a target capacity of 200,000 litres of biocrude per day, represents the company's next major manufacturing milestone.

Its ability to execute the expansion will depend on facility development, consistent agricultural waste supply, production economics and demand for its renewable fuel products.

The ₹150 crore Series B and additional ₹100 crore TDB loan give Greenjoules a combined ₹250 crore financing package to pursue that expansion.

The next important milestone will be the development of its manufacturing facility, which the company expects to begin in phases from 2027.