GPS Renewables closed a ₹125 crore Series C round led by PixelSky Capital with Spectrum Impact Family Office participating, the company said on June 11. The same announcement bundled two separate commitments into GPSR Arya, the firm’s CBG asset-holding vehicle: a ₹200 crore equity tie-up from an unnamed Korean conglomerate and a previously announced ₹310 crore tie-up with Sojitz Corporation. The press release headlined the three together as ₹635 crore, but the Arya commitments are structured at the asset platform rather than into the operating company.
The primary use of proceeds is compressed biogas (CBG), where GPS Renewables already has more than 30 operational or near-completion projects and a pipeline of over 200 CBG projects contracted with India’s oil marketing companies. The SAF angle sits in a separate line of business: the company’s EPC contract on NTPC’s ethanol-to-jet (ATJ) demonstration plant at the Pudimadaka Green Hydrogen Hub in Andhra Pradesh.
This is not a SAF funding round. It is a corporate balance-sheet round and a CBG asset-platform top-up, with the SAF connection sitting in a 1,800 tpa NTPC demonstration plant that has not been disclosed as a use of proceeds.
The NTPC project is sized at 1,800 tonnes per year and is not a sugar-or-grain ATJ build. Its ethanol feedstock is produced from green hydrogen and captured CO2 at the same NTPC hub, then converted into jet at a demonstration scale. Trade reporting at Renewable Watch identifies Lummus Technology as the process licensor and Xytel India as the detailed-engineering partner alongside GPS Renewables on the EPC. Commercial-scale ATJ in India is being built separately by IndianOil and LanzaJet at the Panipat refinery.
“The capital raise is a testament of the growing potential of the Renewables Natural Gas sector,” said Mainak Chakraborty, Co-founder and CEO of GPS Renewables. Group CFO and Arya CEO Parag Parikh added that the capital “will allow us to leverage further for the EPC business as well as invest in GPS Arya, our asset platform business.” PixelSky Capital Managing Partner Zerin Rahman said the firm “has consistently shown a highly disciplined approach towards scaling bioenergy infrastructure in India.”
GPS Renewables describes itself as a full-stack renewable oil and gas company with more than 800 employees and roughly ₹1,000 crore in annual revenue. Operational assets include Asia’s largest municipal-solid-waste CBG plant in Indore, the company’s claimed fastest-executed CBG plant in Barabanki, and the Kakinada CBG complex. It runs joint ventures with Indian Oil Corporation and Bharat Petroleum on the CBG side.
India’s SAF policy posture as of mid-2026 remains a non-binding indicative blending pathway, with no pathway preference written into the targets under discussion. ATJ’s domestic case rests on feedstock optionality (ethanol from sugarcane, grain, agri-residue, or CO2-derived as at NTPC) rather than on policy mandate, and on whether the country can spare ethanol from the E20 road-fuel program for jet without straining the food-fuel-blend balance.
What to watch through the second half of 2026: any direct allocation from the Series C into the NTPC EPC bonding stack, the engineering tempo at Pudimadaka, and whether the Korean strategic on the Arya platform turns into a separate technology or offtake relationship that touches the ATJ build.
Source: PR Newswire India
