GPS Renewables has raised $3 million in Series A funding led by Netherlands-based Hivos-Triodos Fund and Hyderabad-based Caspian, the latter through the SME Impact Fund IV.

Founded in 2012 by IIM Bangalore alumni Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables, the Bangalore-based cleantech start-up, deploys biogas technologies to solve the organic waste management challenge and accelerate substitution of fossil fuel with bio-energy. Its core products are BioUrja, a modular biogas plant, and BiogasBot, a proprietary AI-based solution for remote predictive bioprocess management.

The company has close to 100 BioUrja installations across India, Bangladesh and Sri Lanka with companies such as Microsoft, Intel, Bosch, Cummins, Saint Gobain, Reliance, JW Marriott Group, and Tatas. These BioUrjas convert organic waste into clean energy for captive usage, significantly reducing their carbon footprint.

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Caspian Investment Director BV Ravi Narasimham, said, “GPS Renewables’ business model and sustainable solutions address the need for organic waste management challenges faced by urban establishments. Given the extensive experience of the promoters in the bio-energy, and AI technology spaces, and their business acumen, we trust that the company is well on its way to becoming a pioneer in the clean energy tech space.”

Mainak Chakraborty, Co-founder and CEO of GPS Renewables, said, “In the last three years, while we managed to help the company grow by 5X, purely via debt, we have also managed to keep the business profitable. Caspian has played an instrumental role in our journey by catering to our specific needs as a business, with customised loans that helped us achieve scale. We are happy to extend our relationship with Caspian and welcome this new partnership with Triodos.”

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