Matrix Gas & Renewables Ltd (Matrix) on Tuesday said it has raised Rs 350 crore ($42 million) in a pre-IPO round to accelerate the expansion of its gas business, fund acquisitions, and meet capital expenditure plans.
The pre-IPO round saw participation from key investors like 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.
With the current funding, Matrix plans 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 round will also 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 a Hydrogen Electrolyser Manufacturing plant—both secured in consortium with Gensol Engineering Ltd, a renewable energy and electric mobility services provider.
Anmol Singh Jaggi, Chairman and Managing Director, Matrix Gas and Renewables Ltd. said: “As a 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.”
India’s renewables sector has been attracting increasing foreign investment and is among its top five industries for overseas funds, with a 5% share of all inflows in April-September 2022, compared with 3.3% in the same period a year ago, according to Reuters.
Earlier this month, Gensol Engineering raised Rs 900 crore ($109 million) through the issue of convertible warrants on a preferential basis.
In Dec, India’s Adani Green Energy said it has received a follow-on funding of $1.36 billion via a green loan from an international bank consortium to help the company expand its renewable power capacity. In Sept, India’s Serentica Renewables, secured Rs. 3,000 crore in debt from power sector lender REC Limited, just days after raising $310 million from Power Finance Corp.
