Greenjoules Raises Rs 150 Crore Series B Led by Amazon Funds, Plus Rs 100 Crore TDB Loan

Pune renewable fuels startup Greenjoules has raised Rs 150 crore in a Series B round co-led by two Amazon-backed funds: Smbhav Venture Fund and the Climate Pledge Fund.

Rainmatter, Zerodha's investment arm, and Singularity's Strategic Autonomy Fund also joined the round. Blue Ashva Capital, which led Greenjoules' Series A in 2021, remains the company's largest shareholder.

The equity sits on top of a separate Rs 100 crore loan from the Technology Development Board (TDB), which operates under the Department of Science and Technology. Together, the Rs 250 crore financing package will bankroll Greenjoules' expansion.

Where does the money go?

The proceeds will fund a manufacturing facility at Khed City in Pune, designed to produce 200,000 litres of biocrude per day from agricultural waste. Construction will run in phases, with development starting in 2027, the company said in a press release.

That single line matters most: an Indian startup backed by Amazon's climate vehicles is committing hard capital to industrial-scale waste-to-fuel capacity, not just pilot plants.

What does Greenjoules actually make?

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 biocrude is then processed into renewable diesel and bio-naphtha.

The renewable diesel drops straight into existing vehicles, engines and fuel infrastructure — no modifications required. The company is also exploring applications in sustainable aviation fuel (SAF), green hydrogen and sustainable materials.

How hot is India's renewable fuels sector?

The Amazon-led round is the latest in a string of deals where investors are backing companies that turn agricultural and organic waste into alternatives to conventional fuels.

Recent transactions include:

• GPS Renewables — the Bengaluru-based company secured Rs 635 crore in Series C funding and associated financing in June 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 — raised Rs 35 crore in a bridge round led by Spectrum Impact to expand its biomass supply chain.
• Ecoil — raised $2.5 million in April from Fundalogical Ventures and other investors to expand its used cooking oil collection network for biodiesel and SAF production.

The takeaway: capital is spreading across the whole waste-to-fuels value chain, from biomass collection to finished diesel.

For Greenjoules, the test now shifts from fundraising to execution. The Khed City plant's phased buildout from 2027 will show whether ICTC technology can deliver 200,000 litres a day at commercial scale — and whether Amazon's climate funds picked an early leader in India's renewable fuels race.