Matrix Gas & Renewables Limited announced on Tuesday that it has successfully raised Rs 350 crore in a pre-initial public offering (IPO) round. The company claims to be India’s leading green hydrogen infrastructure developer and natural gas aggregator. It operates under the Gensol Group, a prominent engineering solutions provider listed on the Bombay Stock Exchange (BSE).
Key investors participating in the pre-IPO round include Gunavanth Vaid (4GCapital Venture), Sarda Group, Sunil Kumar Singhvi (Singhvi Heritage LLP), Blue Lotus Fund, NAV Capital Emerging Fund, and Matrix’s promoters.
Backed by Anmol Singh Jaggi and Puneet Singh Jaggi, founders of the Gensol Group, which boasts India’s largest solar engineering portfolio totalling 33,956 megawatts, Matrix Gas is also associated with BluSmart, an electric taxi fleet ride-hailing startup.
According to the company, funds will fuel the expansion of the gas aggregation business, acquire city gas distribution assets, and finance capital expenditure. The investment will also support the commissioning of green hydrogen production plants based on an engineering, procurement, construction, and build-own-operate model.
Matrix Gas recently secured a project to install a hydrogen electrolyzer under the government’s Sustainable Hydrogen Innovation & Green Hydrogen Technologies (SIGHT) scheme, a production-linked incentive initiative aligned with the National Green Hydrogen Mission. The fund also supports the establishment of a hydrogen electrolyzer manufacturing plant.
Anmol Jaggi, Chairman and Managing Director of Matrix Gas and Renewables, expressed confidence in the company’s growth strategy, affirming that the infusion of equity will accelerate their plans. He emphasized their commitment to building a sustainable business and creating long-term value for stakeholders.
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