Gensol Group's Matrix Gas & Renewables raises Rs 350 cr in pre-IPO round

Funding will help expand gas aggregation business and buy city gas distribution assets, says firm

Matrix Gas & Renewables Limited has raised Rs 350 crore in a pre-initial public offering (IPO) round to raise funds, said the company on Tuesday.

Matrix claims to be India’s fastest-growing green hydrogen infrastructure developer and natural gas aggregator. It is part of the Gensol Group, a BSE-listed engineering solutions provider.

Key investors in the pre-IPO round included Gunavanth Vaid (4GCapital Venture), Sarda Group, Sunil Kumar Singhvi (Singhvi Heritage LLP), Blue Lotus Fund, NAV Capital Emerging Fund and Matrix’s promoters.

Matrix is backed by 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. The group owns BluSmart, a ride-hailing startup that runs an all-electric taxi fleet.

Matrix said the funding will help it expand the gas aggregation business, acquire city gas distribution assets and finance capital expenditure. It will speed up the commissioning of green hydrogen production plants on an engineering, procurement, construction and build-own-operate basis and setting up a hydrogen electrolyser manufacturing plant, said the company.

Matrix Gas said in February 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 that is part of the 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," said Anmol Jaggi, chairman and managing director of Matrix Gas and Renewables.