Greenjoules Closes ₹150 Cr Series B Led by Amazon's Smbhav Fund
Pune cleantech startup Greenjoules has closed a ₹150 crore ($16 million) Series B and secured ₹100 crore in debt to build a large biocrude plant.
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giftdetect· the right gift in minutesPune-based cleantech startup Greenjoules has closed its Series B round at ₹150 crore (about $16 million). The round was co-led by Amazon's Smbhav Venture Fund and the Climate Pledge Fund, with Rainmatter and Singularity's Strategic Autonomy Fund also participating.
The company also secured ₹100 crore in debt from the Technology Development Board (TDB), which operates under the Government of India's Department of Science and Technology.
A biocrude plant at Khed City
Greenjoules says the fresh capital will fund a new plant at Khed City in Pune, designed to produce 200,000 litres of biocrude a day from agricultural waste. The facility will be built in phases starting in 2027 and is expected to be the largest of its kind in India.
Founded in 2018, the startup converts farm residues into renewable fuels that can run in existing diesel engines and industrial equipment, effectively substituting crude oil with agricultural waste. It is also working on fuels for sustainable aviation fuel (SAF), green hydrogen and biomethane.
Cofounder and chief technology officer Shweta Viraraghavan said the team spent more than six years proving that low-energy-density agricultural waste could yield specification-grade fuel. She said the company now intends to carry that approach into sustainable aviation fuel, green hydrogen and sustainable materials.
Earlier funding and market backdrop
Before this round, Greenjoules raised $4.5 million in equity and debt from Blue Ashva Capital in 2021 to set up commercial-scale waste-to-energy plants and fund research. Regulatory filings had earlier shown Amazon's investment vehicle receiving Series B1 preference shares worth ₹45 crore, and Singularity's fund about ₹17 crore.
The deal fits India's push to scale renewable fuels toward its goal of net-zero emissions by 2070. The country's cleantech market is projected to reach $152.5 billion by 2030, creating room for both new entrants and established industrial players.
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