Cleantech startup GPS renewables raised a funding of $3 million funding backed by Triodos and Caspian. The Bengaluru based startup plans to expand its team and improve management using the Series A funding. The team also plans to invest in R&D using the funding.
About GPS Renewables
The company was founded in 2011 by IIM Bangalore alumni Mainak and Sreekrishna. They aim to move towards the use of sustainable energy and converge on the use of clean energy. GPS Renewables has their eyes on the $500-billion market of clean energy.
The company offers two main products the BioUrja and BiogasBot. The BioUrja is a high-tech biogas plant that converts clean energy into captive usage. And therefore reduce the carbon footprint. While the BiogasBot is an AI solution for predicting bioprocess management.
Details about the investment
The funding round was led by two companies Netherlands based Hivos-Triodos Fund and Hyderabad-based Caspian. Using the funding, the company will expand its team, improve management and also invest in R&D said Sreekrishna Sankar, Co-founder and COO of GPS Renewables.
Talking about the investment made B V Ravi Narasimham Investment Director, Caspian said, “GPS Renewables’s business model and sustainable solutions address the overwhelming need for organic waste management challenges faced by urban establishments. Given the extensive experience of the promoters in the bioenergy space, AI technology and their proven business acumen, we trust that the company is well on its way to being a pioneer in the clean energy tech space.”
Comment from the company
Mainak Chakraborty, Co-founder and CEO of GPS Renewables, said, “In the last three years, while we have been able to grow the company by 5X, purely via debt. We have also managed to keep the business profitable since our inception. Caspian Debt 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.”
It will be interesting to see how well the company uses its funds and brings in timely investments in the future. What are your thoughts on the same? Do let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.