Now Reading: Greenjoules Raises Rs 62 Crore From Amazon, Singularity
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Greenjoules Raises Rs 62 Crore From Amazon, Singularity
Pune-based green energy startup Greenjoules has raised about Rs 62 crore (USD 6.5 million) in an ongoing Series B funding round. Amazon.com NV Investment Holdings led the round, contributing Rs 45 crore…
Pune-based green energy startup Greenjoules has raised about Rs 62 crore (USD 6.5 million) in an ongoing Series B funding round. Amazon.com NV Investment Holdings led the round, contributing Rs 45 crore for 40,338 Series B1 compulsorily convertible preference shares. Singularity AMC's Singularity Strategic Autonomy Fund also participated, investing about Rs 17 crore for 15,238 Series B1 CCPS, as per MCA filings accessed by Inc42.
Founded in 2018, Greenjoules converts farm residues into renewable fuels usable in diesel engines and industrial equipment, substituting crude oil with agricultural waste. The startup is developing green fuels for sustainable aviation fuel, green hydrogen, and biomethane. It had previously raised USD 4.5 million from Blue Ashva Capital in 2021.
Greenjoules declined to comment on the total size of the round. India aims to achieve net-zero carbon emissions by 2070, and its cleantech market is projected to reach USD 152.5 billion by 2030.
Indian Opinion Analysis
Amazon's investment in Greenjoules signals the e-commerce giant's deepening push into India's renewable energy supply chain, particularly for its logistics fleet. The startup's technology directly addresses the problem of agricultural stubble burning by converting farm waste into fuel. Greenjoules will need to demonstrate commercial-scale production to attract follow-on funding in a capital-intensive sector where government mandates on blending targets remain the key demand driver. Watch for the startup's next regulatory filing to reveal the full Series B target.
Source: inc42.com
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