Matrix Gas & Renewables raises Rs 350 cr in pre-IPO round

New Delhi: Matrix Gas and Renewables Ltd (Matrix) on Tuesday said it has raised Rs 350 crore in the pre-IPO round to accelerate expansion of its gas business, acquisitions, and funding capital expenditure plans.

"The pre-IPO (Rs 350 crore) round saw participation from key investors like 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," it said in a statement.

Matrix is a Gensol Group company and is the fastest-growing green hydrogen infrastructure developer and natural gas aggregator.

"Matrix has successfully raised Rs 350 crore in the pre-IPO round," it said.

"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.

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 hydrogen electrolyser manufacturing plant - both secured in consortium with Gensol Engineering Ltd.

Underscoring the significance of this fundraise, Anmol Singh Jaggi, Chairman and Managing Director, Matrix Gas and Renewables Ltd said, "This fundraising is not just for business acceleration but also for strengthening our commitment to contribute significantly to meet India's growing energy needs for natural gas as the transition fuel and hydrogen as the upcoming fuel.

"As a 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." Matrix is strategically positioned to contribute significantly to India's growing energy demand by providing a reliable and competitively priced supply of natural gas from diverse sources.

The company is further set to bolster its growth with diversification plans in green hydrogen infrastructure development.

The company is backed by serial entrepreneurs Anmol Singh Jaggi and Puneet Singh Jaggi, founders of Gensol Group (Gensol Engineering Ltd, Prescinto Technologies and BluSmart), and the Matrix business is led by Chirag Kotecha, who has more than 18 years of experience in the natural gas industry.