Indian renewable fuels company Greenjoules has raised ₹150 crore in a Series B funding round co-led by Amazon’s Smbhav Venture Fund and Climate Pledge Fund. Rainmatter, Zerodha’s investment arm, and Singularity’s Strategic Autonomy Fund also participated in the round. Meanwhile, Blue Ashva Capital, which led the company’s Series A funding in 2021, continues to remain its largest shareholder.
In addition to the equity funding, Greenjoules has secured a ₹100 crore loan from the Technology Development Board (TDB), under the Government of India’s Department of Science and Technology. The company has therefore raised total financing of ₹250 crore to support its expansion plans.
The funds will help Greenjoules establish a new manufacturing facility at Khed City in Pune, with a planned capacity to produce 200,000 litres of biocrude daily from agricultural waste. The company will develop the facility in phases starting in 2027. Once completed, it is expected to become India’s largest plant of its kind.
“Greenjoules was built without a map; every step forward meant first inventing the path. We took two things that looked irreconcilable — low-energy-density agricultural waste and specification-grade fuel — and spent more than six years proving they were one and the same. With the concept proven and partners such as TDB and our Series B investors behind us, we are ready to make a deep impact on the global energy market and to carry that pioneering spirit into sustainable aviation fuel, green hydrogen, and sustainable materials,” said Shweta Viraraghavan, co-founder and chief technology officer, Greenjoules.
Commenting on the investment, Abhinav Singh, vice-president, Amazon Operations, Amazon India, APAC, Middle East & Türkiye, said, “Decarbonising long-haul transportation will require simultaneous investments in railways, alternative fuels, and electric mobility. Our investment in Greenjoules is part of this broader effort. This initiative is aimed at supporting the development and scale-up of renewable fuels made from agricultural residue, with the potential to reduce emissions, improve air quality, and contribute to India’s energy security.”
India currently imports more than 80% of the crude oil it consumes, highlighting the need for alternative domestic fuel sources. Greenjoules uses its proprietary technology to convert agricultural residue into biocrude, which is subsequently refined into renewable diesel.
As a drop-in fuel, renewable diesel can be used in existing vehicles and fuel infrastructure without modifications. Furthermore, the company plans to expand its technology applications to include sustainable aviation fuel and green hydrogen.
Greenjoules developed and tested the technology at its Chakan facility near Pune. The process also offers an opportunity to convert agricultural waste into commercially valuable fuel.
By procuring crop residue from farmers, the company aims to create an additional income stream for agricultural communities while helping reduce crop-residue burning. At scale, the technology could also strengthen domestic fuel production, support India’s energy security, and improve air quality.
Abhinav Negi of Rainmatter said, “Greenjoules has spent years getting a hard process right in a real plant rather than on a slide, and the result is a fuel that works and a business that sells it. That patience is what Rainmatter looks for, and we are glad to stand behind the company as it builds at Khed.”
Similarly, Suyash Kela of Singularity said, “India’s energy security will come from converting what the country has in abundance into what it needs. Greenjoules has built a process that does exactly that and proven it in a plant that runs every day. That is the kind of capability the Strategic Autonomy Fund exists to back.”
