Greenjoules, a Pune-based renewable fuels company, has raised Rs 150 crore ($16 million) in a Series B funding round co-led by Amazon’s Smbhav Venture Fund and Climate Pledge Fund, as it looks to scale production of fuels made from agricultural waste.
The round also saw participation from Rainmatter, the investment arm of Zerodha, and Singularity’s Strategic Autonomy Fund. Blue Ashva Capital, which led Greenjoules’ Series A round in 2021, remains its largest shareholder.
Separately, the company has secured a Rs 100 crore loan from the Technology Development Board (TDB), under the Department of Science and Technology, taking the total financing for its expansion to Rs 250 crore.
The capital will support the development of a new manufacturing facility at Khed City near Pune, which is expected to produce 200,000 litres of biocrude daily from agricultural waste. The facility will be developed in phases from 2027 and is expected to be the largest of its kind in India once completed.
Greenjoules uses a proprietary process called Integrated Catalytic Thermocracking to convert agricultural and agro-industrial waste into biocrude, which is then refined into renewable diesel and bio-naphtha. The fuels can be used in existing engines and infrastructure without modifications.
The company said the technology was developed and tested at its existing Chakan facility near Pune. It sources agricultural residue from farmers, offering them an additional income stream while providing an alternative to crop residue burning.
Greenjoules also plans to extend the technology to produce sustainable aviation fuel, green hydrogen and sustainable materials.
“Greenjoules was built without a map; every step forward meant first inventing the path,” said Shweta Viraraghavan, co-founder and chief technology officer of the company.
The company was founded by S Viraraghavan, Radhika Viraraghavan, Shweta Viraraghavan and Sethunath Ramaswamy. Its existing investors include Blue Ashva Capital, Amazon, Rainmatter and Singularity.
