Secondaries-focused fund PixelSky Capital, backed by boutique investment bank IndigoEdge and Yumlane founder Hitesh Ahuja, has invested Rs 40-45 crore in Mumbai-based waste-to-energy technology company GPS Renewables, people aware of the matter said.
GPS Renewables builds compressed biogas (CBG) plants that convert agricultural waste into gas suitable for injection into existing gas pipeline networks. At a time when energy security has become a key concern globally, the company's technology aligns with India's efforts to reduce dependence on imported natural gas and utilise agricultural residue more productively.
PixelSky, which has backed Purplle and Porter with similar sized cheques, is aiming to make a final close of its Rs 400 crore Fund-I by July, one of the people said.
GPS Renewables, founded by IIM-Bangalore alumni Mainak Chakraborty and Sreekrishna Sankar, counts State Bank of India-backed private equity firm Neev Fund among its existing investors. According to Tracxn, Neev Fund holds an over 40% stake in the company, while the founders own 27%.
According to a person cited above, GPS Renewables closed FY26 with over Rs 1,000 crore in revenue, and currently has an order book of more than Rs 4,000 crore. Internally, it has projected clocking Rs 7,000 crore revenue and Rs 500 crore earnings before interest, taxes, depreciation and amortisation by fiscal 2030.
The person added that GPS Renewables is in discussions to raise another larger round of funding over the next few quarters.
PixelSky Capital and GPS Renewables did not respond to ET’s queries.
PixelSky is evaluating investments in companies that could go public in 2027. The fund is targeting companies valued between $300 million and $1.5 billion.
ET first reported on PixelSky’s launch in April .
PixelSky's limited partners, or fund sponsors, include domestic family offices and high-net-worth individuals, including the Kothari Family of DSP Group, India Quotient’s Anand Lunia, Sony Entertainment Television cofounder Jayesh Parekh, and multiple startup founders.
IndigoEdge cofounder Zerin Rahiman will lead the fund along with Ahuja, who is a former senior executive at private equity firm New Silk Route. The founders have together invested Rs 10-15 crore in the fund.
