Matrix Gas & Renewables raises INR 350 crore in pre-IPO round


Matrix Gas & Renewables Ltd (Matrix), a green hydrogen infrastructure developer and natural gas aggregator company from Gensol Group, announced this week that it has raised INR 350 crore in its pre-IPO round.

Matrix stated it intends to use the proceeds 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 capital raise will also help it expedite the 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 electrolyzer manufacturing plant — both secured in consortium with Gensol Engineering Ltd.

The pre-IPO round saw participation from 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.

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

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