Pune-based cleantech startup Greenjoules has finalized a Series B funding round totaling ₹150 crore, or $16 million, according to Inc42. The investment was jointly spearheaded by Amazon’s Smbhav Venture Fund and the Climate Pledge Fund, with additional backing from Rainmatter and Singularity’s Strategic Autonomy Fund. This closure follows an earlier August report by Inc42, which detailed an initial ₹62 crore raise from Amazon.com NV Investment Holdings and Singularity AMC, based on Ministry of Corporate Affairs filings.
The new capital will finance the construction of a production facility at Khed City in Pune. Inc42 reported that the plant is designed to process agricultural waste into 200,000 litres of biocrude per day. Development of the site will occur in phases beginning in 2027, with the startup anticipating it will be the most extensive facility of its type in the country. Beyond the equity injection, Greenjoules also obtained a ₹100 crore loan from the Technology Development Board, an agency within India’s Department of Science and Technology.
Shweta Viraraghavan, the company’s cofounder and chief technology officer, explained that the team spent over six years demonstrating that low-energy-density farm residues could yield specification-grade fuel. She indicated that with the technology validated and support from the Technology Development Board and new investors, the firm is preparing to extend its operations into sustainable aviation fuel, green hydrogen, and sustainable materials sectors. Founded in 2018, Greenjoules transforms agricultural leftovers into renewable fuels compatible with standard diesel engines and industrial machinery.
Earlier funding history includes a $4.5 million mix of equity and debt secured from Blue Ashva Capital in 2021, which was used to establish commercial-scale waste-to-energy plants and fund research initiatives. Inc42 noted that this investor appetite reflects India’s broader strategic push to scale renewable fuel sources. The nation targets net-zero carbon emissions by 2070, a goal Prime Minister Narendra Modi outlined at the COP26 summit in Glasgow. This objective is underpinned by the “Panchamrita” climate plan, which prioritizes low-carbon electricity systems and enhanced vegetation cover. Inc42 added that India’s cleantech sector is projected to reach $152.5 billion by 2030, offering significant opportunities for emerging industrial players.