NEW DELHI: 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.