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Hyderabad-based Caspian invests in cleantech startup

Hyderabad-based Caspian invests in cleantech startup

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GPS Renewables deploys biogas technologies to solve the organic waste management challenge and accelerate the substitution of fossil fuel with bio-energy

Hyderabad: Hyderabad-based Caspian, an impact investor, through its SME Impact Fund IV, along with Netherlands based Hivos-Triodos Fund has invested $3 million (over Rs 22 crore) in GPS Renewables, a Bengaluru-based cleantech startup in a Series A round.

Over the last fifteen years, Caspian has created social and environmental impact by articulating, measuring and monitoring how its capital is helping to address some of the critical environmental and access problems. Its portfolio companies today impact over 13 of the United Nations SDGs (Sustainable Development Goals).

Founded in 2012 by IIM Bangalore alumni Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables deploys biogas technologies to solve the organic waste management challenge and accelerate the substitution of fossil fuel with bio-energy.

The company’s core products are BioUrja, a modular biogas plant and BiogasBot, a proprietary artificial intelligence solution for remote predictive bioprocess management.

The company has close to 100 BioUrja installations across India, Bangladesh and Sri Lanka with Fortune 500 companies such as Microsoft, Intel, Bosch, Cummins, Saint Gobain, Reliance, JW Marriott Group, and the TATAs. These BioUrjas convert organic waste into clean energy for captive usage, significantly reducing their carbon footprint.

Caspian Investment director B V Ravi Narasimham said, GPS’ business model and sustainable solutions address the overwhelming need for organic waste management challenges faced by urban establishments.

Mainak Chakraborty, co-founder and CEO of GPS renewables said “In the last 3 years, while we have been able to grow the company by 5x, purely via debt, we have also managed to keep the business profitable, since our inception. Caspian Debt has played an instrumental role in our journey by catering to our specific needs as a business, with customised loans that helped us achieve scale.”

Source: telanganatoday
Anand Gupta Editor - EQ Int'l Media Network
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