Greenzo Energy India today announced that it has secured approximately INR 251 crore ($26.4 million) in cumulative capital across three investment rounds to advance its green hydrogen business. The latest INR 130-crore funding round was led by Ashish Kacholia and his associates, valuing the green-hydrogen platform at around INR 1,030 crore post-money.
Alongside Ashish Kacholia, the funding round saw participation from prominent institutional and private investors, including Alchemy Longterm Venture Fund Series 3, Lashit Sanghvi, Siddharth Sunder Iyer, and Nova Global Opportunity Fund PCC – Touchtone.
Prince Harjai, partner at PARV And Co., acted as the exclusive financial advisor to Greenzo Energy for the transaction.
Greenzo Energy plans to deploy the fresh capital to expand indigenous electrolyser manufacturing capacity, strengthen backward integration, advance research and development, support working capital requirements, and accelerate project execution across domestic and international markets.
“This INR 251-crore total capital raise across rounds, culminating in the latest INR 130-crore funding, reflects strong investor trust in Greenzo’s technology roadmap and execution capabilities,” said Sandeep Agarwal, founder and managing director of Greenzo Energy India. “India’s policy support for green hydrogen is helping lay the foundation for a domestic industry. Our focus is to deploy these funds towards building indigenous manufacturing capabilities, advancing technology and delivering integrated solutions for Indian and international markets.”
Greenzo has a 250 MW-per-annum electrolyser manufacturing facility at Sanand GIDC in Ahmedabad, Gujarat. The facility produces localized alkaline water electrolysers, integrated Balance of Plant (BoP) systems, and provides EPC and O&M services. Greenzo Energy has already executed megawatt-scale green-hydrogen installations for major enterprises, including Engineers India Ltd (EIL), Oswal Energies, and Jindal Stainless Ltd (JSL).
