Greenjoules' Series B Grew From ₹62 Crore in August Filings to a ₹150 Crore Announcement

Greenjoules, a Pune renewable-fuels startup, announced a ₹150 crore Series B co-led by Amazon's Smbhav Venture Fund and Climate Pledge Fund, Entrackr reported. Separately it secured a ₹100 crore loan from the Technology Development Board, under the Department of Science and Technology, for ₹250 crore of financing in all.

Announced is not the same as filed. The only registry evidence Inc42 reported in August covered ₹62 crore, less than half of what the company now says it closed.

What the August filings showed

Inc42 found two Series B1 allotments in the company's MCA filings, both priced at ₹11,155.5 a compulsorily convertible preference share.

Investor	Shares	Approximate amount
Amazon.com NV Investment Holdings LLC	40,338	₹45 crore
Singularity Strategic Autonomy Fund	15,238	₹17 crore

The two total about ₹62 crore, or $6.5 million at the time. Multiplying shares by price gives ₹45.0 crore and ₹17.0 crore, so the table is internally consistent. In August Greenjoules declined to comment on the total size of the round, per Inc42.

The November 11 update says the round is ₹150 crore, or about $16 million, which is 2.4 times the August filings. Inc42 does not say whether the August allotments are part of the final ₹150 crore, and neither report gives a split by investor for the remaining ₹88 crore.

What changed between the two reports

In August the lead was reported as Amazon.com NV Investment Holdings. The update names Smbhav Venture Fund and Climate Pledge Fund as co-leads. Rainmatter, Zerodha's investment arm, appears only in the update, as does the TDB loan. Singularity's Strategic Autonomy Fund participated in both.

Blue Ashva Capital, which led the 2021 Series A, remains the largest shareholder, per Entrackr. Inc42 puts that earlier funding at about $4.5 million in equity and debt. Neither outlet reported a valuation, revenue or losses, so there is no multiple to compute. Counting the loan, the ₹250 crore package is more than 55 times the 2021 financing in dollar terms at the rates the outlets quote; that is our rough arithmetic on mixed rupee and dollar figures.

What the money builds

Greenjoules, founded in 2018, converts agricultural and agro-industrial waste into biocrude with its Integrated Catalytic Thermocracking process, known as ICTC. The biocrude is refined into renewable diesel and bio-naphtha. Entrackr says the diesel can run in existing vehicles and fuel infrastructure without modification, which is the company's claim.

Proceeds go to a plant at Khed City, Pune, planned at 200,000 litres of biocrude a day, built in phases from 2027. Neither report gives a capex figure for it or an offtake agreement. The company is also exploring sustainable aviation fuel, green hydrogen and sustainable materials.

The founders named are S. Viraraghavan, Radhika Viraraghavan, Shweta Viraraghavan and Sethunath Ramaswamy.

For another Indian startup whose losses need a footnote, see Mohalla Tech's ₹1,978 crore FY26 loss. On the cell chemistry side of energy hardware, see QuantumScape's Osprey results.

The next document to read is the registrar filing for the remaining allotments, which would show whether ₹150 crore of equity was actually issued and at what price.