Pune-based green energy startup Greenjoules has raised about ₹62 crore ($6.5 million) in an ongoing Series B funding round led by Amazon.com NV Investment Holdings, with participation from Singularity AMC’s Singularity Strategic Autonomy Fund, according to MCA filings accessed by inc42.com. The startup converts farm residues into renewable fuels for diesel engines and industrial equipment, aiming to reduce reliance on crude oil.
The company allotted 40,338 Series B1 compulsorily convertible preference shares (CCPS) at ₹11,155.5 apiece to Amazon for ₹45 crore, and 15,238 Series B1 CCPS worth about ₹17 crore to Singularity Strategic Autonomy Fund. Greenjoules was founded in 2018 by S Viraraghavan, V Radhika, VS Shridhar, and R Sethunath. It is developing green fuels for sustainable aviation fuel, green hydrogen, and biomethane sectors, expanding its renewable energy portfolio.
This funding round follows a $4.5 million equity and debt raise from Blue Ashva Capital in 2021, which supported commercial-scale waste-to-energy plants and R&D initiatives. Greenjoules operates in the climatetech sector, aligning with India’s national goals to scale renewable fuel sources and achieve net zero greenhouse gas emissions. The investment by Amazon and Singularity highlights growing institutional interest in sustainable energy startups in India.
Greenjoules’ latest funding will accelerate its efforts to commercialize renewable fuels derived from agricultural waste. The startup’s board allotment filings were made public this month, confirming the ₹62 crore infusion as part of its Series B round, which remains open for further investments, according to inc42.com.