The latest startup funding in India has a green tint: Greenzo Energy India Limited has secured approximately ₹251 crore ($26.4 million) in cumulative capital across three investment rounds, the clean-energy company announced on October 19, 2026. The latest round — ₹130 crore ($13.7 million) — was led by veteran investor Ashish Kacholia and his associates, valuing the green-hydrogen platform at approximately ₹1,030 crore ($108 million) post-money.
Who backed the round
Alongside Kacholia, the round saw participation from 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.
What the money is for
Greenzo Energy, founded and led by Sandeep Agarwal, builds indigenous electrolysers — the equipment that splits water into green hydrogen. The company said the fresh capital will fund expansion of its indigenous electrolyser manufacturing capacity, strengthen backward integration, advance research and development, support working capital, and accelerate project execution across domestic and international markets.
“This ₹251-crore total capital raise across rounds, culminating in the latest ₹130-crore funding, reflects strong investor trust in Greenzo's technology roadmap and execution capabilities,” Agarwal said, adding that India's policy support for green hydrogen is helping lay the foundation for a domestic industry.
Why it matters for founders
Green hydrogen is one of India's most policy-backed deeptech frontiers — the National Green Hydrogen Mission is pushing domestic manufacturing, and investors are rewarding indigenous electrolyser capacity over trading plays. If you are building in climate hardware, Greenzo's round shows that revenue-ready manufacturing plans plus backward integration can command a ₹1,000 crore-plus valuation well before IPO.