Greenjoules, a renewable fuels company, has raised nearly $16 million (Rs 150 crore) in a Series B funding round co-led by Amazon’s Smbhav Venture Fund and Climate Pledge Fund.
The round also saw participation from Rainmatter, the investment arm of Zerodha, and Singularity’s Strategic Autonomy Fund. Blue Ashva Capital, which led the company’s Series A round in 2021, continues to be its largest shareholder.
Separately, Greenjoules has secured a Rs 100 crore loan from the Technology Development Board (TDB), under the Department of Science and Technology, Government of India, taking its total financing to Rs 250 crore.
The proceeds will support the company’s expansion plans, including the establishment of a new manufacturing facility at Khed City in Pune. The facility will have the capacity to produce 200,000 litres of biocrude daily using agricultural waste as feedstock.
Construction will be undertaken in phases from 2027. Once completed, the facility is expected to be the largest of its kind in India.
“Greenjoules was built without a map; every step forward meant first inventing the path. We took two things that looked irreconcilable — low-energy-density agricultural waste and specification-grade fuel — and spent more than six years proving they were one and the same. With the concept proven and partners such as TDB and our Series B investors behind us, we are ready to make a deep impact on the global energy market, and to carry that pioneering spirit into sustainable aviation fuel, green hydrogen and sustainable materials,” said Shweta Viraraghavan, Co-founder and Chief Technology Officer, Greenjoules.
