New Delhi, April 16 (IANS): Full-stack biofuels company GPS Renewables on Tuesday said that it raised $50 million (about Rs 411.5 crore) in debt financing from leading private and public sector banks, as well as prominent NBFCs (Non-Banking Financial Companies).

Punjab National Bank, HDFC, Yes Bank, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, Spark Capital, Tata Capital and SIDBI were the institutions that participated in the current financing round.

"To further accelerate our efforts, we not only need financial backing but also strategic industry collaborations. The current round of funding will allow us to accelerate our expansion efforts and promote India’s transition to sustainable green energy," Tilak Minocha, Chief Finance Controller, GPS Renewables, said in a statement.

The biofuels firm had previously raised $20 million in equity funding from Neev Fund II by SBICap Ventures, the Netherlands-based Hivos-Triodos Fund and Caspian Impact Investments.

With the current order book, GPS Renewables has crossed a turnover of $60 million in FY 2023-24, while registering a 225 per cent growth over FY 2022-23.

During the same period, the company increased its full-time employee strength from 72 to over 500.

Recently, GPS Renewables acquired Germany-based Proweps Envirotech GmbH, a leading design and engineering company specialising in technologies for utilising municipal and industrial organic waste and agri-residue for biogas production.

Founded by Mainak Chakraborty and Sreekrishna Sankar, the company provides end-to-end solutions for the development, production and distribution of biofuels.