Cleantech startup GPS Renewables on Wednesday said it has raised USD 3 million in a round led by Dutch impact investor Hivos- Triodos Fund.

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The funding will be primarily used for research and development and expansion activities, an official statement said. Other investors who participated in the funding round for the 2012-incorporated company include Hyderabad-based impact investor Caspian, it said.

The company is into deployment of biogas technologies to solve the organic waste management challenge and accelerate the substitution of fossil fuel with bio-energy, as per the statement.

The potential market opportunity is USD 50 billion and it is building in India for the world. Its products include a modular biogas plant and a proprietary AI solution for remote predictive bioprocess management and its clientele include companies such as Microsoft, Intel, Bosch, Cummins, Saint Gobain, Reliance, JW Marriott Group, and the TATA group.

Their business model and sustainable solutions address the overwhelming need for organic waste management challenges faced by urban establishments,? Caspian's Investment Director B V Ravi Narasimham said.

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In the last 3 years, the company has grown by 5x purely via debt, and also been profitable since inception, its co-founder and chief executive Mainak Chakraborty said.