Greenjoules raises ₹150 crore Series B co-led by Amazon funds
Greenjoules closed a ₹150 crore Series B co-led by two Amazon funds, plus a ₹100 crore government loan. See what its farm-waste fuel plant near Pune will do.
Ishaan Vardhan15 Nov 2026 · 7 min read
Pune renewable fuels startup Greenjoules has closed a ₹150 crore (about $16 million) Series B round co-led by Amazon’s Smbhav Venture Fund and Climate Pledge Fund, with Zerodha’s Rainmatter and Singularity’s Strategic Autonomy Fund also investing, Inc42 reported on 11 November 2026. It has also secured a ₹100 crore loan from the government’s Technology Development Board, taking total new financing to ₹250 crore for a farm-waste fuel plant at Khed City near Pune.
The ₹150 crore figure completes a round that first surfaced in August, when regulatory filings showed about ₹62 crore coming in from Amazon and Singularity. More deals are on our funding tracker.
Key takeaways
- Greenjoules’ Series B closed at ₹150 crore, co-led by Amazon’s Smbhav Venture Fund and Climate Pledge Fund, according to Inc42, DealStreetAsia and Entrepreneur India.
- The ₹62 crore reported in August 2026 was an early tranche of the same Series B, not a separate round, according to Inc42’s updated report.
- A separate ₹100 crore loan from the Technology Development Board brings total financing to ₹250 crore.
- The money funds a Khed City plant planned to make 2 lakh (200,000) litres of biocrude a day from agricultural waste, built in phases from 2027.
What Greenjoules raised and from whom
Greenjoules raised ₹150 crore in equity in its Series B, co-led by two Amazon vehicles: the Amazon Smbhav Venture Fund and the Climate Pledge Fund. DealStreetAsia reported the round on 11 November 2026 as “nearly $16 million”, while Biofuels Digest converted the same ₹150 crore to about $16.8 million.
Rainmatter, the investment arm of stockbroker Zerodha, and Singularity’s Strategic Autonomy Fund also took part, according to DealStreetAsia and Entrepreneur India (12 November). Blue Ashva Capital, which led Greenjoules’ Series A in 2021, remains its largest shareholder, both outlets reported.
The company also secured ₹100 crore in debt from the Technology Development Board (TDB), a body under the Department of Science and Technology, according to Inc42, DealStreetAsia and Entrepreneur India. No report gives the loan’s interest rate or tenure.
Confirmed and reported figures
Greenjoules’ Series B figures, by how firmly they are established. Sources: Inc42 (11 Nov 2026), DealStreetAsia (11 Nov 2026), Entrepreneur India (12 Nov 2026), Biofuels Digest (11 Nov 2026), iamrenew (26 Aug 2026).
| Figure | Amount | Status |
|---|---|---|
| Series B equity, total | ₹150 crore (about $16–16.8 million) | Reported by four outlets; no press release found |
| Amazon.com NV Investment Holdings, first tranche | ₹45 crore (40,338 Series B1 CCPS at ₹11,155.5 each) | From company filings, as reported by Inc42 and iamrenew |
| Singularity Strategic Autonomy Fund, first tranche | About ₹17 crore (15,238 Series B1 CCPS) | From company filings, as reported by Inc42 and iamrenew |
| Technology Development Board loan | ₹100 crore | Reported; terms not disclosed |
| Total new financing | ₹250 crore (about $28 million) | Reported (equity plus loan) |
| Valuation | Not disclosed | No figure published |
How the ₹150 crore relates to the earlier ₹62 crore
The ₹62 crore (about $6.5 million) that Inc42 reported on 21 August 2026 was the first part of the same Series B, not a separate round. Inc42 then called the round ongoing; Greenjoules declined to comment on its total size.
That first tranche came from two investors, according to filings with the Ministry of Corporate Affairs reported by Inc42 and iamrenew. Amazon.com NV Investment Holdings LLC, the Amazon entity named in the filings, was allotted 40,338 Series B1 compulsorily convertible preference shares (CCPS, a kind of share that converts into equity later) at ₹11,155.5 each, worth about ₹45 crore. Singularity Strategic Autonomy Fund took 15,238 Series B1 CCPS for about ₹17 crore.
Inc42 updated the same report on 11 November to say the round had closed at ₹150 crore. That means roughly ₹88 crore of the Series B came in after August; that is our arithmetic, and no outlet has published how the later money was split.
What the money pays for: a biocrude plant at Khed City
Greenjoules will use the ₹250 crore to build a plant at Khed City in Pune district that is planned to produce 2 lakh litres of biocrude a day from agricultural waste, according to Inc42 and DealStreetAsia. It will be built in phases from 2027, and the company expects it to be India’s largest plant of its kind, DealStreetAsia reported.
Greenjoules’ own website says it turns agricultural and agro-industrial waste into crude oil through a proprietary thermocracking process, then refines it into renewable diesel and bionaphtha. It says the diesel meets India’s diesel standard and can replace fossil diesel directly, and that it already runs a commercial biorefinery at Chakan, Pune, with “2 new plants underway”. The site also shows a “₹600Cr Series B greenfield” figure without explaining it; no news report we found mentions that number, so we treat it as unconfirmed.
Co-founder and CTO Shweta Viraraghavan told DealStreetAsia the company was “built without a map” and is moving towards sustainable aviation fuel and green hydrogen.
Who founded Greenjoules and how it was funded before
Greenjoules was founded in 2018. Inc42 and iamrenew name S Viraraghavan, V Radhika, VS Shridhar and R Sethunath as founders; Entrepreneur India’s list differs slightly and includes Shweta Viraraghavan, whom Inc42 and DealStreetAsia also describe as a co-founder.
Before this round, the company’s main backer was Blue Ashva Capital, which put in about $4.5 million of equity and debt in 2021 to set up commercial-scale waste-to-energy plants and fund research, according to Inc42 and iamrenew.
Greenjoules’ reported funding. Sources: Inc42, iamrenew, DealStreetAsia, Entrepreneur India.
| Date | Round | Amount | Investors |
|---|---|---|---|
| 2021 | Series A (equity and debt) | About $4.5 million | Blue Ashva Capital |
| Aug 2026 | Series B, first tranche | About ₹62 crore | Amazon.com NV Investment Holdings, Singularity Strategic Autonomy Fund |
| Nov 2026 | Series B, closed | ₹150 crore in total | Co-led by Amazon Smbhav Venture Fund and Climate Pledge Fund; Rainmatter; Singularity |
| Nov 2026 | Loan | ₹100 crore | Technology Development Board |
Why two Amazon funds are in the round
Amazon backed Greenjoules through two separate programmes. Its Climate Pledge Fund was launched in June 2020 with $2 billion to back technologies that help companies reach net-zero carbon by 2040, according to Amazon; its listed areas include energy generation and use, and food and agriculture.
The Amazon Smbhav Venture Fund is a $250 million India fund announced in April 2021 to invest in small-business digitisation, agritech and healthcare startups, TechCrunch reported at the time. Greenjoules’ use of farm waste gives it a link to agriculture; neither company has said publicly why both funds joined.
Why it matters
Greenjoules was the largest disclosed round in StartupTalky’s 12 November roundup of Indian funding; the next biggest was an ₹18 crore seed round for mistEO. It shows climate investors backing a plant rather than a pilot: a 2 lakh litre-a-day facility is a big step for a company whose last disclosed raise was $4.5 million.
The open questions decide whether the plant pays off: what it costs, how fast each phase comes online after 2027, and who buys the fuel. Greenjoules has not published revenue, capacity at its current Chakan plant or its valuation, so it is too early to judge the economics.
FAQ
How much did Greenjoules raise in its Series B?
Greenjoules raised ₹150 crore (about $16 million) in its Series B, according to Inc42, DealStreetAsia and Entrepreneur India in November 2026. It also secured a separate ₹100 crore loan from the Technology Development Board, so total new financing is ₹250 crore. The company has not disclosed its valuation.
Is the ₹150 crore round different from the ₹62 crore Greenjoules raised from Amazon?
No. The ₹62 crore reported in August 2026 was the first tranche of the same Series B: about ₹45 crore from Amazon.com NV Investment Holdings and about ₹17 crore from Singularity Strategic Autonomy Fund, per filings reported by Inc42. Inc42 updated its story on 11 November when the round closed at ₹150 crore.
What does Greenjoules make?
Greenjoules turns agricultural waste into crude oil through a thermocracking process and refines it into renewable diesel and bionaphtha, according to its website. It runs a commercial biorefinery at Chakan, Pune, and is working towards sustainable aviation fuel and green hydrogen.
Where will Greenjoules build its new plant?
At Khed City in Pune district. The plant is planned to make 2 lakh (200,000) litres of biocrude a day from farm waste, built in phases from 2027, according to Inc42 and DealStreetAsia.
More startup funding stories are in our news section. This is news reporting, not investment advice.
Sources
- Inc42, “[Update] Greenjoules Closes Series B Round At ₹150 Cr” (first published 21 August 2026 as “Exclusive: Greenjoules Raises ₹62 Cr From Amazon, Singularity To Scale Green Energy Operations”), updated 11 November 2026. Link
- DealStreetAsia, “Indian renewable fuels firm Greenjoules raises $16m co-led by Amazon’s Smbhav fund”, 11 November 2026. Link
- Entrepreneur India, “Greenjoules Raises INR 150 Cr Series B, Secures INR 100 Cr TDB Loan”, 12 November 2026. Link
- Biofuels Digest, “Greenjoules raises $16.8 million to expand renewable fuel production”, 11 November 2026. Link
- StartupTalky, “Daily Indian Funding Roundup & Key News – 12 November 2026”, 12 November 2026. Link
- iamrenew, “Greenjoules secures Rs 62 crore from Amazon, Singularity Fund”, 26 August 2026. Link
- Greenjoules, company website (accessed 13 November 2026). Link
- Amazon, “Amazon launches a $2 billion Climate Pledge Fund”, 23 June 2020. Link
- TechCrunch, “Amazon announces $250 million venture fund for Indian startups”, 15 April 2021. Link
Related stories
Sources (9)
- Inc42 11 Nov 2026Series B closed at ₹150 crore ($16M), co-leads, participants, ₹100 crore TDB debt, Khed City plant 2 lakh litres/day from 2027; August ₹62 crore tranche, CCPS allotments, founders, 2021 Blue Ashva funding
- DealStreetAsia 11 Nov 2026Nearly $16M (₹150 crore), co-leads, Rainmatter and Singularity, Blue Ashva largest shareholder, TDB loan, ₹250 crore total, plant, largest of its kind, CTO quote
- Entrepreneur India 12 Nov 2026₹150 crore Series B, investors, ₹100 crore TDB loan, plant, founders list
- Biofuels Digest 11 Nov 2026₹150 crore (about $16.8M), ₹100 crore (about $11.2M) government loan, ₹250 crore (about $28M) total
- StartupTalky 12 Nov 2026Greenjoules round in 12 Nov roundup; mistEO ₹18 crore seed
- iamrenew 26 Aug 2026₹62 crore tranche, CCPS allotments to Amazon.com NV Investment Holdings and Singularity, founders, 2021 Blue Ashva $4.5M
- Greenjoules 13 Nov 2026Thermocracking process, renewable diesel and bionaphtha, Chakan biorefinery, 2 new plants underway, ₹600Cr Series B greenfield label
- Amazon 23 Jun 2020Climate Pledge Fund $2B, net zero by 2040, sectors
- TechCrunch 15 Apr 2021Amazon Smbhav Venture Fund $250M, focus areas
