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

Matrix Gas and Renewables Ltd (Matrix) on Tuesday said it has raised Rs 350 crore in a pre-IPO round to accelerate gas business expansion, acquisitions, and funding capital expenditure plans. “The pre-IPO round (Rs 350 crore) saw participation from anchor investors like Gunavanth Vaid (4G Capital Venture), Sarda Group, Sunil Kumar Singhvi (Singhvi Heritage LLP), Blue Lotus Fund, Nav Capital Emerging Fund and the IPO promoters 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 raised Rs 350 crore in a 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 its gas gathering business, acquiring City Gas Distribution (CGD) assets, and funding its ongoing capital expenditure plan.

This round will also expedite the setting up and commissioning of green hydrogen production plants on an engineering, procurement, and construction (EPC) and build-operate-operate (BOO) basis, along with the installation of a hydrogen electrolyzer manufacturing plant, both secured in consortium with Gensol Engineering Ltd.

Underscoring the significance of this fundraise, Anmol Singh Jaggi, Chairman and Managing Director, of Matrix Gas and Renewable Energy Limited, said: “This fundraising is not only to accelerate the business but also to strengthen our commitment to contribute significantly to meeting India’s growing energy needs.” For Gas Natural as a transitional fuel and hydrogen as a fuel for the future.

"As part of our growth strategy, the company will make substantial investments in new initiatives and the capital injection will help us accelerate our plans. We are confident of building 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 set to continue 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 over 18 years of experience in the natural gas industry.

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