Greenjoules, an Indian green energy startup converting farm residues into renewable fuels, has raised approximately ₹62 crore ($6.5 million) in a Series B funding round led by Amazon’s investment arm alongside Singularity AMC. The fresh capital will support expansion of its sustainable fuel production and R&D efforts aligned with India’s net-zero goals.
- ₹62 Cr Series B led by Amazon’s investment arm plus Singularity AMC
- Focus on green fuels from farm residues for various industrial applications
- Supports India’s net-zero target with growing cleantech market opportunity
What happened
Greenjoules, a Pune-based startup specializing in converting agricultural waste into renewable fuels, has secured ₹62 crore (approximately $6.5 million) through an ongoing Series B funding round. The round is led by Amazon.com NV Investment Holdings LLC, with participation from Singularity AMC’s Strategic Autonomy Fund. Corporate filings confirm the issuance of Series B1 compulsorily convertible preference shares totaling ₹62 crore to these investors.
The startup’s founders—S Viraraghavan, V Radhika, VS Shridhar, and R Sethunath—intend to use the capital to scale up the production of renewable fuels compatible with existing diesel engines and industrial equipment. This round follows the startup’s earlier $4.5 million funding from Blue Ashva Capital in 2021 directed at expanding commercial-scale waste-to-energy plants and advancing research and development.
Why it matters
This funding round signals strong investor confidence in India’s emerging green fuel sector, which is vital in the country’s commitment to reduce carbon emissions. Greenjoules’ technology offers a practical solution by converting farm residues into renewable substitutes for fossil fuels, helping to reduce dependence on crude oil and lower greenhouse gas emissions.
India has set an ambitious target to reach net-zero carbon emissions by 2070, as announced by Prime Minister Narendra Modi at COP26. Achieving this will require large-scale adoption of clean energy solutions like those developed by Greenjoules. The cleantech market in India is projected to reach $152.5 billion by 2030, making this an opportune time for startups focused on sustainable energy innovations.
What to watch next
Market watchers should track Greenjoules’ progress in scaling production capacity and commercial deployment of fuels such as sustainable aviation fuel, green hydrogen, and biomethane, sectors poised for growth under India’s climate strategy. Advancements in these areas could help establish the startup as a key player in the renewable fuels ecosystem.
Additionally, future investment rounds and partnerships may further accelerate Greenjoules’ growth and technology development. The company's ability to integrate emerging green fuel technologies into existing industrial workflows will be crucial to capturing market share as India expands its renewable energy infrastructure toward its net-zero goal.