Exclusive: Greenjoules Raises ₹62 Cr From Amazon, Singularity To Scale Green Energy Operations
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Pune-based green energy startup Greenjoules has raised about ₹62 Cr ($6.5 Mn) in what appears to be an ongoing Series B funding round.
While Amazon’s investment arm, Amazon.com NV Investment Holdings, is leading the funding round, Singularity AMC’s Singularity Strategic Autonomy Fund also participated in the round.
As per MCA filings accessed by Inc42, the startup’s board allotted 40,338 Series B1 compulsorily convertible preference shares (CCPS) at ₹11,155.5 apiece for ₹45 Cr to Amazon.com NV Investment Holdings LLC.
Separately, it also allotted 15,238 Series B1 CCPS to a sum of about ₹17 Cr to Singularity Strategic Autonomy Fund.
Greenjoules declined to comment on Inc42’s queries regarding the total size of the round.
Founded in 2018 by S Viraraghavan, V Radhika, VS Shridhar and R Sethunath, Greenjoules converts farm residues into renewable fuels that can be used in existing diesel engines and industrial equipment, effectively substituting crude oil with agricultural waste.
The startup is developing green fuels that can cater to sustainable aviation fuel (SAF), green hydrogen and biomethane areas.
Prior to the ongoing round, the climatetech startup raised $4.5 Mn in a combination of equity and debt from Blue Ashva Capital in 2021, to set up commercial scale waste to energy plants and invest into new R&D initiatives.
The investor interest in the eight-year old startup aligns with India’s broader push to scale renewable fuel sources in a bid to attain the country’s net zero goals.
India aims to achieve net-zero carbon emissions by the year 2070. Prime Minister Narendra Modi announced this target during the COP26 climate summit in Glasgow, backed by a climate plan known as the “Panchamrita”.
The country’s long-term low-carbon development strategy rests on seven key transitions to low-carbon development pathways. These include low-carbon development of electricity systems, enhancing forest and vegetation cover consistent with socioeconomic, development of CO2 removal and related engineering solutions, among others.
Amid this push, India’s cleantech market is projected to become a $152.5 Bn market by 2030, creating a suitable market opportunity for new and emerging players as well as more established industrial players to leverage the opportunity.
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