Indian Gas Aggregator Raises Rs 350 cr in pre-IPO round

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Matrix Gas & Renewables Limited, reportedly emerging as one of India’s fastest-growing gas aggregators, announced this week that it had successfully secured Rs 350 crore in a pre-IPO transaction. The firm is part of the Gensol Group, a well-known engineering solutions provider publicly traded on the Bombay Stock Exchange.

Major investors 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 promoters.

Matrix Gas is backed by Anmol Singh Jaggi and Puneet Singh Jaggi, the founders of the Gensol Group, which has India’s most extensive solar engineering portfolio of 33,956 megawatts. It is also associated with BluSmart, an electric vehicle fleet ride-hailing business.

According to the organisation, the cash will expand the gas aggregation business, buy city gas distribution assets, and finance capital expenditures. The financing will also help to fund the commissioning of green hydrogen production plants using an engineering, procurement, construction, and build-own-operate approach.

Matrix Gas has received a project to establish a hydrogen electrolyzer through the government’s Sustainable Hydrogen Innovation & Green Hydrogen Technologies (SIGHT) programme. This programme is a production-linked incentive effort associated with the National Green Hydrogen Mission. The financing also supports the construction of a hydrogen electrolyzer manufacturing facility.

Anmol Jaggi, Chairman and Managing Director of Matrix Gas and Renewables, expressed confidence in the company’s expansion strategy, stating that the equity injection will speed up its goals. He emphasised the company’s commitment to creating a sustainable firm and providing long-term benefits to stakeholders.

 

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