Greenjoules Raises $16M Series B Led by Amazon Funds for Renewable Diesel

Greenjoules, a Pune-based renewable fuels company, has raised ₹150 crore (about $16 million) in a Series B round co-led by Amazon's Smbhav Venture Fund and Amazon's Climate Pledge Fund, according to Entrackr. Rainmatter, the investment arm of brokerage Zerodha, and Singularity's Strategic Autonomy Fund also participated.

Separately, the company secured a ₹100 crore loan from the Technology Development Board under India's Department of Science and Technology, bringing total new capital to ₹250 crore. Blue Ashva Capital, which led Greenjoules' Series A in 2021, remains its largest shareholder.

Turning Farm Waste Into Diesel

Founded in 2018 by S. Viraraghavan, Radhika Viraraghavan, Shweta Viraraghavan and Sethunath Ramaswamy, Greenjoules converts agricultural and agro-industrial waste into renewable fuels. Its proprietary Integrated Catalytic Thermocracking (ICTC) process produces a biocrude that is refined into renewable diesel and bio-naphtha.

The company's diesel is a drop-in fuel: it works in existing vehicles, engines and fuel infrastructure without modification. That removes one of the biggest adoption barriers for alternative fuels, since fleets do not need new equipment to switch.

Renewable diesel made from waste also addresses a policy priority in India, where the government has pushed to cut fuel imports and reduce crop-residue burning, which contributes to seasonal air pollution in the north of the country. Turning agricultural residue into a fuel that can be blended or used directly gives farmers a market for waste and gives fleet operators a lower-carbon option without new engines. The Technology Development Board loan signals that New Delhi sees Greenjoules' process as a technology worth backing with public capital.

Greenjoules is also exploring sustainable aviation fuel, green hydrogen and sustainable materials as future product lines.

Where the Money Goes

The capital will fund a manufacturing facility at Khed City in Pune with planned capacity of 200,000 litres of biocrude per day. Construction will happen in phases starting in 2027.

The round builds on an earlier tranche. In August, Inc42 reported that Greenjoules had raised about ₹62 crore from Amazon and Singularity in what appeared to be an ongoing Series B, though the company declined at the time to comment on the total round size.

Amazon's Climate Bet in India

The deal pairs two Amazon vehicles. The Smbhav Venture Fund, launched in 2021 to back Indian startups, has widened its mandate beyond small-business digitization, while the Climate Pledge Fund invests in technologies that help decarbonize operations like Amazon's own logistics network. Renewable diesel that fits existing trucks is a natural fit for both.

A Busy Biofuels Market

Greenjoules is raising as Indian investors put more money into bioenergy. Entrackr notes that GPS Renewables raised ₹635 crore in a Series C in June, while FarmWatt Innovations, BiofuelCircle and Ecoil have also closed rounds this year.

The combination of venture equity and a government-backed loan gives Greenjoules the capital mix it needs for heavy industrial build-out. Delivering the Khed City plant on schedule will determine whether it can move from pilot-scale production to a meaningful share of India's diesel demand.

Source

Entrackr — Greenjoules raises Rs 150 Cr in Series B led by Amazon funds, secures Rs 100 Cr loan from TDB