Greenjoules raises ₹150 crore in Series B funding, secures ₹100 crore TDB loan

PUNE: Greenjoules, an Indian renewable fuels company, today announced a ₹150 crore Series B funding round co-led by Amazon’s SmbhavVenture Fund and Climate Pledge Fund, with participation from Rainmatter, Zerodha’s investment arm, and Singularity’s Strategic Autonomy Fund.

Blue Ashva Capital, which led the company’s Series A round in 2021, remains its largest shareholder, the company said in a media statement.

“In addition to the funding round, the company also secured a ₹100 crore loan from the Technology Development Board, under the Government of India’s Department of Science and Technology, bringing the total financing for the expansion to ₹250 crore. The funding will support a new plant at Khed City, Pune, with the capacity to produce 200,000 litres of biocrude a day from agricultural waste. The facility will be developed in phases from 2027 and, once complete, is expected to be the largest of its kind in India,” the statement said.


“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.

“Decarbonising long-haul transportation will require simultaneous investments in railways, alternative fuels and electric mobility. Our investment in Greenjoules is part of this broader effort. This initiative is aimed at supporting the development and scale-up of renewable fuels made from agricultural residue, with the potential to reduce emissions, improve air quality and contribute to India’s energy security,” said Abhinav Singh, vice-president, Amazon Operations, Amazon India, APAC, Middle East & Türkiye.

India imports more than 80% of the crude oil it consumes. Greenjoules’ proprietary technology converts agricultural residue into biocrude, which is then refined into renewable diesel.

“As a drop-in fuel, it can be used in existing vehicles and fuel infrastructure without modification. The company also plans to extend its technology to produce sustainable aviation fuel and green hydrogen,” the release said.

Developed and tested at Greenjoules’ Chakan plant near Pune, the process offers a way to put agricultural waste to productive use.

“By sourcing crop residue from farmers, it could provide them with an additional source of income while helping reduce agricultural burning. If adopted at scale, the technology could also support domestic fuel production, contribute to India’s energy security and help improve air quality,” the company said.

“Greenjoules has spent years getting a hard process right in a real plant rather than on a slide, and the result is a fuel that works and a business that sells it. That patience is what Rainmatter looks for, and we are glad to stand behind the company as it builds at Khed,” said Abhinav Negi of Rainmatter.

“India’s energy security will come from converting what the country has in abundance into what it needs. Greenjoules has built a process that does exactly that and proven it in a plant that runs every day. That is the kind of capability the Strategic Autonomy Fund exists to back,” said Suyash Kela of Singularity.