Praj was formed in 1983. The company went public in 1994 and is listed on the Bombay Stock Exchange and National Stock Exchange of India. Praj received its first Venture Capital from ICICI Bank in 1987. Today it has investors like venture capitalist Vinod Khosla who has a 10% stake and Marubeni Corporation. Praj Foundation was established in 2005 as the CSR wing which is managed by Parimal Chaudhari. In 2021, the company and Indian Oil Corporation signed a memorandum of understanding to explore opportunities in the production of alcohol-to-jet fuels, 1G & 2G ethanol, compressed biogas and other related opportunities in the biofuels sector.
