Pune startup Greenjoules has raised Rs 150 crore funding in a Series B round co-led by Amazon’s Smbhav Venture Fund and Climate Pledge Fund. The company has also secured a separate Rs 100 crore loan from the Technology Development Board (TDB), taking its total financing to Rs 250 crore.
Key Highlights
- Pune startup Greenjoules raised Rs 150 crore funding in Series B round led by Amazon funds and secured a separate Rs 100 crore loan from TDB.
- The company plans to establish a Pune facility with a proposed capacity to produce 200,000 litres of biocrude daily from agricultural waste.
The equity funding 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, continues to remain its largest shareholder.
The combined funding and debt financing will support the company’s manufacturing expansion and plans to scale its renewable fuel production capacity.
Greenjoules to Invest in Pune Manufacturing Facility
Greenjoules plans to use the Rs 250 crore financing to establish a manufacturing facility at Khed City in Pune. The proposed plant is expected to have the capacity to produce 200,000 litres of biocrude per day using agricultural waste.
The facility will be developed in phases, with the first phase scheduled to begin in 2027, according to the company.
The expansion is expected to strengthen Greenjoules’ production capabilities as it looks to increase the supply of renewable fuels derived from agricultural and agro-industrial waste.
Greenjoules Uses ICTC Technology to Produce Renewable Fuels
Founded in 2018 by S. Viraraghavan, Radhika Viraraghavan, Shweta Viraraghavan and Sethunath Ramaswamy, Greenjoules converts agricultural and agro-industrial waste into renewable fuels using its proprietary Integrated Catalytic Thermocracking (ICTC) technology.
The company processes the waste into biocrude, which is further refined into renewable diesel and bio-naphtha.
Greenjoules’ renewable diesel can be used in existing vehicles, engines and fuel infrastructure without requiring modifications. The company is also exploring applications in sustainable aviation fuel (SAF), green hydrogen and sustainable materials.
Renewable Fuels Startups Attract Investor Interest
Greenjoules’ latest funding comes amid continued investment in India's renewable fuels and waste-to-energy ecosystem. Several startups are developing alternative fuels and infrastructure using agricultural residues, biomass and organic waste.
In June 2026, Bengaluru-based GPS Renewables secured Rs 635 crore through a Series C round and associated financing to expand its compressed biogas (CBG) infrastructure.
FarmWatt Innovations raised Rs 32.5 crore from IAN Alpha Fund and Rainmatter to strengthen its biomass collection network. BiofuelCircle secured Rs 35 crore in a bridge funding round led by Spectrum Impact to expand its biomass supply chain.
Meanwhile, Ecoil raised $2.5 million in April 2026 from Fundalogical Ventures and other investors to expand its used cooking oil collection network for biodiesel and sustainable aviation fuel production.
Also Read: Startup Funding Report: 28 Firms Raise $258.1 Mn in the Latest Week
Greenjoules Funding to Support Renewable Fuel Production Expansion
With Rs 150 crore funding and a Rs 100 crore loan from TDB, Greenjoules is preparing to scale its renewable fuel manufacturing operations. The proposed Pune facility will be central to its plans to convert agricultural waste into biocrude and downstream fuel products.
The company's expansion also reflects growing investor interest in technologies that can turn agricultural and industrial waste into alternatives to conventional fuels.
