Funding alert: Tech startups that raked in moolah this month

The Tech Panda takes a look at recent funding events in the tech ecosystem, seeking to know where the cash is flowing.

Startup: IOC GPS Renewables Private Limited

Sector: Cleantech

Amount: US$95 M

Led by: Indian Bank

IOC GPS Renewables Private Limited (IGRPL), a joint venture between IndianOil Corporation Ltd. (IndianOil) and GPS Renewables, focused on advancing India’s biofuels sector, has raised INR 836 crore (approximately US$95 million) in debt financing from Indian Bank for the execution of 9 Compressed Biogas Projects across the country. This funding is the largest single-bank debt raise in the Compressed Biogas sector (CBG) (also referred to as Renewable Natural Gas or RNG). This is also the first case of a fully non-recourse debt raise in this sector.

Devendra Singh Sehgal, CEO, IGRPL (IOC and GPS Renewables Private Limited), said, “IGRPL was formed with an aim to scale India’s biogas infrastructure ...