Indian biomass firm to raise $10 million in funding

Mumbai-based biomass supplier Punjab Renewable Energy Systems (PRESPL) is planning to raise up to $10 million in a Series B funding round, Mercom India reports.

PRESPL and the funding round is being promoted under the Bermaco Group.

“The bioenergy, biofuel sector in India is looking very bullish right now,” PRESPL managing director Monish Ahuja told Mercom India.

“A lot of policy intervention has occurred, and that’s why a company like ours can find investors willing to fund our expansion.”

According to Ahuja, PRESPL has raised $2 million in Series A funding.

“Now, we are looking to raise $5 million from the NEEV Fund set up by SBICAP Ventures Limited and up to $3-5 million from another unnamed investor,” Ahuja told Mercom India.

“We are in advanced talks with the other investor and are aiming to close Series B funding round anywhere between $8 million to $10 million.”