Exclusive: Greenjoules Raises ₹62 Cr From Amazon, Singularity To Scale Green Energy Operations

Pune-based green energy startup Greenjoules has recently secured approximately ₹62 crore ($6.5 million) in a Series B funding round. Amazon's investment arm, Amazon.com NV Investment Holdings, is leading the investment, while Singularity AMC's Singularity Strategic Autonomy Fund also participated. The startup's board allotted 40,338 Series B1 compulsorily convertible preference shares at ₹11,155.5 each to Amazon.com NV Investment Holdings LLC, and 15,238 Series B1 CCPS to Singularity Strategic Autonomy Fund for around ₹17 crore.

Greenjoules, founded in 2018 by S Viraraghavan, V Radhika, VS Shridhar, and R Sethunath, converts farm residues into renewable fuels for diesel engines and industrial equipment, replacing the need for crude oil. The company aims to cater to the green fuels sectors such as sustainable aviation fuel (SAF), green hydrogen, and biomethane.

Prior to this funding round, Greenjoules raised $4.5 million in a mix of equity and debt from Blue Ashva Capital in 2021 for commercial-scale waste-to-energy plants and R&D investments. The funding interest in Greenjoules aligns with India's goal to attain net-zero carbon emissions by 2070. The Indian government aims to achieve this target through seven key transitions towards low-carbon development.

India's cleantech market is expected to reach $152.5 billion by 2030, providing ample opportunities for both emerging and established players to capitalize on the growing demand.