Greenzo Energy Raises INR 130 Crore, Valued at INR 1,030 Crore

Greenzo Energy India, an Indian clean-energy technology and manufacturing company, has secured approximately INR 251 crore (USD 26.4 million) in cumulative capital across three investment rounds. The latest INR 130-crore (USD 13.7 million) funding round was led by veteran investor Ashish Kacholia and his associates, valuing the green-hydrogen platform at approximately INR 1,030 crore (USD 108 million) 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. CA 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.

Sandeep Agarwal, Founder and Managing Director of Greenzo Energy India,, said, "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. 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."

Commenting on the strategic rationale for the investment, lead investor Ashish Kacholia, along with Lashit Sanghvi of Alchemy Longterm Venture Fund, jointly stated, "Our investment underlines our conviction in Greenzo Energy’s potential to lead India’s clean energy transition as green hydrogen becomes the cornerstone of global industrial decarbonisation. Greenzo Energy has demonstrated exceptional technical expertise, indigenous electrolyser manufacturing capabilities, and a clear execution vision to build a globally competitive clean-energy platform."

A primary growth driver for the company is its 250 MW-per-annum electrolyser manufacturing facility at Sanand GIDC in Ahmedabad, Gujarat. The facility produces localised 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 (EIL), Oswal Energies and Jindal Stainless (JSL).