GPS renewable is a startup based in Bangalore and it recently announced that it has raised $3 Mn led by Hivos Triodos Fund and Caspian.
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 customized loans that helped us achieve scale. We are happy to extend our relationship with Caspian and welcome this new partnership with Triodos.”
Commenting on this investment, 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 energy 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.”
Founded in 2012 by IIM Bangalore alumni Mainak and Sreekrishna, GPS Renewables aims to transition the world to a cleaner and more sustainable way of living. Presently, the startup is tackling a $500-billion market opportunity and is building from India for the World.
The startup has close to 100 BioUrja installations across India, Bangladesh, and Sri Lanka with Fortune 500 companies such as Microsoft, Intel, Bosch, Cummins, Saint Gobain, Reliance, JW Marriott Group, and the TATAs.