Mainak Chakraborty generated Rs 500 crore. turnover in GPS Renewables by solving an issue.
Let’s see, how? Meet Mainak Chakraborty, a 2008–2010 alumnus of the Indian Institute of Management Bangalore (IIMB).
After graduation, this man noticed a problem, solved it to some extent, and is still trying to resolve it, and that's why recently Mainak received $50 million (Rs 411.50 crore) in funding in debt from financial institutions such as Punjab National Bank, HDFC, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, Tata Capital, SIDBI, Yes Bank, and Spark Capital.
What was the problem?
Garbage is a major problem in our country that is spoiling the beauty of our country.
Do you know? Today, about 133,760 metric tons of municipal solid waste (MSW) are produced daily in India. With 8.4 million residents, Bangalore produces roughly 4500 MT of MSW every day at a rate of 0.5 kg per person. Roughly 15% of waste is processed and dumped into landfills; less than 60% of rubbish is collected. On January 25, 2017, this was mentioned in the Hindustan Times, Bengaluru: “How India’s ‘Garden City’ became garbage city."
But,
Two IIM-B graduates, Mainak Chakraborty and Sreekrishna Sankar, discovered the solution to this problem and, in 2012, founded their biogas startup, GPS Renewables, with the goal of addressing the garbage problem, which is expanding rapidly and polluting the environment.
What it does?
GPS Renewables produces biogas from waste by using technology. GPS Renewables is the top full-stack renewable fuels firm in India. It leads the nation's net-zero economic development by offering end-to-end solutions for the research, development, production, and distribution of green fuels, with an emphasis on biogas, bioCNG, ethanol, and green hydrogen.
Mainak received $50 million (Rs 411.50 crore) in funding in debt to build biogas plants across India. GPS Renewables has avoided 4,93,000 tCO2e GHG emissions, generated 91,00,000 m3 of clean fuel, and diverted 120,000 metric tons of waste from landfills.
Mainak Chakraborty received many honors and awards, including:
- In September 2020, APAC25 was issued by Cleantech Group.
- In August 2017, Mainak was named first runner-up in the Ashden (International) Awards, which were issued by Ashden.
- In July 2015, Bioenergy Person of the Year was issued by Fortune Media.
- A strong willpower to solve this problem made Mainak a successful entrepreneur.
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