Greenjoules, a Pune-based cleantech startup converting agricultural waste into renewable fuels, has closed its Series B funding round at ₹150 crore ($16 million), co-led by Amazon’s Smbhav and Climate Pledge Funds along with Rainmatter and Singularity. The fresh capital will support the construction of a large-scale biocrude facility at Khed City, slated to become India’s biggest of its kind by 2027.
- Series B round led by Amazon’s venture funds and Singularity AMC
- New facility at Pune’s Khed City to produce 2 Lakh liters of biocrude daily
- ₹100 Cr government-backed debt secured from Technology Development Board
What happened
Greenjoules has officially closed its Series B funding round, raising ₹150 crore ($16 million) to continue its growth in the green energy sector. Key investors in this round include Amazon’s Smbhav Venture Fund and Climate Pledge Fund, as well as Rainmatter and Singularity AMC's Strategic Autonomy Fund. This capital injection follows an earlier tranche of ₹62 crore previously raised in 2026 as part of the ongoing round.
Alongside this equity funding, Greenjoules secured ₹100 crore debt support from the Technology Development Board under India’s Department of Science and Technology. The funds are earmarked for developing a large biocrude production plant in Pune’s Khed City, with phased commissioning planned for 2027. When completed, this facility is expected to be the largest of its kind in India with a capacity to produce 200,000 liters of biocrude daily from agricultural waste.
Why it matters
Greenjoules operates at the intersection of agricultural waste management and renewable fuel production, converting low-energy-density farm residues into high-specification fuels suitable for diesel engines and industrial use. This innovation addresses critical challenges in clean energy production and waste valorization while aligning with India’s ambitious net-zero target set for 2070.
The startup’s progress and investor backing highlight the growing investor confidence in India’s cleantech sector, projected to become a $152.5 billion market by 2030. Government support and private capital are converging to accelerate technology development and scalable green fuel infrastructure, vital for decarbonizing sectors such as aviation, hydrogen production, and sustainable materials.
What to watch next
The construction and ramp-up of the Pune biocrude plant will be a key milestone to monitor, as it will demonstrate Greenjoules' capability to scale novel renewable fuel technologies to commercial volumes. Success here could open additional opportunities in sustainable aviation fuel, green hydrogen, and biomethane markets where the startup aims to expand.
Investor activity in India’s cleantech startups will remain a crucial indicator for the sector’s growth trajectory. Developments in government policies supporting green energy, along with potential future funding rounds or partnerships, will influence how quickly local innovations can contribute to India’s climate goals and broader energy transition.