Greenjoules, a Pune Cleantech With Women in Its Founding Team, Closes ₹150 Crore Series B Led by Amazon to Turn Farm Waste Into Fuel

A Pune-based clean energy startup with women among its founding team has secured one of the larger climate technology funding rounds in India this year, backed by Amazon, to scale a process that turns crop waste into fuel that can replace diesel.

Greenjoules has closed a Series B round of ₹150 crore, about $16 million, co-led by Amazon's Smbhav Venture Fund and Climate Pledge Fund, according to an Inc42 update published on Wednesday, November 11. Rainmatter, the climate and livelihoods fund backed by Zerodha's founders, and Singularity's Strategic Autonomy Fund also participated.

The company has also secured ₹100 crore of debt from the Technology Development Board, a body under India's Department of Science and Technology, taking the total capital raised in the latest round of financing to about ₹250 crore.

From farm waste to fuel

Greenjoules converts agricultural residues, such as crop stalks and husks, into renewable fuels that can be used in existing diesel engines and industrial equipment, according to Inc42. Because its fuels can be used without modifying engines, they offer a practical way for industries to cut fossil fuel use without investing in new equipment.

The company is also developing fuels for sustainable aviation fuel (SAF), green hydrogen and biomethane, which could open further markets as India and the world seek to decarbonise aviation and heavy industry.

"Greenjoules was built without a map," said Shweta Viraraghavan, co-founder and chief technology officer, according to Inc42. She said the company is "ready to make a deep impact on the global energy market."

The founding team

Greenjoules was founded in 2018 by S. Viraraghavan, V. Radhika, V.S. Shridhar and R. Sethunath, according to Inc42, with Shweta Viraraghavan serving as co-founder and chief technology officer. The presence of women in senior technical and founding roles stands out in India's climate technology sector, where women remain under-represented among founders and engineers, and in a funding environment in which women-led startups receive a small fraction of venture capital.

Leading the technology at a company developing new fuel processes is a demanding role, spanning chemistry, engineering and scale-up. Greenjoules' ability to attract Amazon as a lead investor reflects confidence in both its technology and its team.

The round in detail

Inc42 first reported in August that Greenjoules was raising its Series B, citing regulatory filings. At that stage, Amazon.com NV Investment Holdings had been allotted 40,338 Series B1 compulsorily convertible preference shares for about ₹45 crore, and Singularity Strategic Autonomy Fund had been allotted 15,238 shares for about ₹17 crore, a total of about ₹62 crore. The company has now closed the full round at ₹150 crore.

Greenjoules previously raised $4.5 million in equity and debt from Blue Ashva Capital in 2021.

A biocrude mega-plant

Greenjoules plans to build a new plant at Khed City, near Pune, with the capacity to produce 2 lakh litres of biocrude a day from agricultural waste, according to Inc42. Construction will take place in phases starting in 2027, and the company expects it to be the largest facility of its kind in India.

Biocrude is an intermediate fuel produced from biomass that can be used directly or refined further into products such as diesel and aviation fuel.

Tackling stubble burning

Converting crop residues into fuel could help address one of India's most visible environmental problems. Every year, farmers in northern India burn millions of tonnes of crop stubble after harvest to clear their fields quickly, contributing significantly to severe air pollution in Delhi and surrounding regions during October and November.

Creating a market for agricultural residues gives farmers an alternative to burning, potentially providing them with extra income. Companies that convert biomass into fuel, compressed biogas or other products are seen as part of the solution, although building collection and logistics networks for bulky, seasonal biomass is challenging.

Why Amazon is investing

Amazon's Climate Pledge Fund invests in companies developing technologies that help reduce carbon emissions, in support of Amazon's goal of reaching net-zero carbon emissions by 2040. The Smbhav Venture Fund focuses on Indian startups. Amazon operates large logistics and delivery operations in India that rely on diesel trucks and generators, and drop-in renewable fuels could help reduce emissions from these operations.

India's biofuel push

The investment comes as India promotes biofuels to cut oil imports and emissions. The country has achieved 20% ethanol blending in petrol, set targets for sustainable aviation fuel blending in international flights, and promotes compressed biogas through the SATAT scheme. The National Policy on Biofuels encourages fuels made from agricultural residues and other waste.

Drop-in fuels that can replace diesel without engine changes are particularly valuable, since diesel is used widely in trucks, agriculture, industry and backup power generation.

The women in climate tech story

Women founders and technical leaders are gradually becoming more visible in India's climate technology sector, but they remain a minority. Investors and industry groups have highlighted the need for more funding and support for women-led climate startups, which can bring different perspectives to problems affecting rural communities, agriculture and energy access.

Greenjoules' success in raising a large round from a global corporate investor provides a powerful example for women engineers and entrepreneurs considering careers in clean energy.

Challenges

Scaling biofuel production is capital-intensive and technically demanding. Greenjoules will need to secure reliable supplies of agricultural residues, manage seasonal variation, and achieve production costs that compete with fossil diesel. Policy support, such as blending mandates or carbon pricing, could improve the economics of renewable fuels.

Investors bet on climate tech

The round adds to a growing list of investments in Indian climate technology startups working on bioenergy, electric mobility, batteries, green hydrogen and sustainable materials. Corporate investors such as Amazon, alongside impact funds and family offices, have become important sources of capital for the sector, often bringing potential customers as well as money.

Government-backed debt from the Technology Development Board is also notable. Debt financing allows companies to build plants without diluting equity holders as heavily, and public funding signals official support for technologies seen as strategically important for energy security.

What comes next

Greenjoules will use the funding to scale operations and develop its Khed City plant. Investors and policymakers will watch whether it can deliver its fuels at scale and at competitive costs, and whether its aviation fuel and hydrogen projects progress. For India's climate technology sector, the round is a sign that global investors are willing to back homegrown solutions to some of the country's most pressing environmental challenges.