Matrix Gas & Renewables successfully raises Rs 350 crore in pre-IPO round | Start Ups – Business Standard

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Matrix Gas & Renewables Limited (Matrix) has successfully raised Rs 350 crore in a pre-Initial Public Offering round of fundraise, the company said on Tuesday. Matrix claims to be the fastest-growing green hydrogen infrastructure developer and natural gas aggregator and is part of the Gensol Group, a Bombay Stock Exchange-listed engineering solutions provider.


The pre-Initial Public Offering round saw participation from key investors including Gunavanth Vaid (4GCapital Venture), Sarda Group, Sunil Kumar Singhvi (Singhvi Heritage LLP), Blue Lotus Fund, NAV Capital Emerging Fund and the promoters of the Company, Matrix said.


Matrix is backed by serial entrepreneurs Anmol Singh Jaggi and Puneet Singh Jaggi, founders of the Gensol Group, India’s largest solar engineering company with a total engineering portfolio of 33,956 megawatts. It also includes ride aggregator BluSmart.


With the current capital raise, Matrix is now well positioned to accelerate its growth initiatives towards expanding market share for the gas aggregation business, acquiring City Gas Distribution (CGD) assets, and funding the ongoing capital expenditure plan, the company said.


This round will also expedite setting up and commissioning of green hydrogen production plants on Engineering, Procurement, and Construction (EPC) and Build-Own-Operate (BOO) basis along with setting up a Hydrogen Electrolyser Manufacturing plant — both secured in consortium with Gensol Engineering Ltd, the company said.


Last month, Matrix Gas announced it has won a project for setting up a hydrogen electrolyser under the government’s Sustainable Hydrogen Innovation & Green Hydrogen Technologies (SIGHT), a Production Linked Incentive scheme, part of National Green Hydrogen Mission.


“As part of our growth strategy, the company will make substantial investments in new initiatives and the infusion of equity will help us to accelerate our plans. We are confident to build a sustainable business and are committed to creating long-term value for our stakeholders,” Anmol Singh Jaggi, Chairman and Managing Director, Matrix Gas and Renewables said.

First Published: Mar 05 2024 | 5:07 PM IST