Matrix Gas and Renewables, one of the fastest growing gas aggregators in India, has made preferential allotment to clutch of investors as part of its pre-IPO fund raising.

The company has raised funds from investors such as Ashneer Grover, Gunavanth Vaid, Chhattisgarh Investments Group, and Singhvi Heritage LLP, among others.

With this round of fund raise, the company has set the stage for its upcoming initial public offering of upto 56,00,000 equity shares.

The company is backed by Anmol Singh Jaggi, founder of Gensol Engineering, specialising in solar engineering, procurement, and construction (EPC) and operation and maintenance services, and BluSmart, an EV ride-hailing service and EV charging superhub infrastructure operator.

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The company has filed Draft Red Herring Prospectus with the EMERGE Platform of NSE to raise funds through Initial Public Offering.

The company proposes to use the net proceeds from the fresh issue primarily towards meeting the working capital requirements for sourcing natural gas, rLNG (regasified liquefied natural gas), and importing LNG cargoes.

Matrix Gas has a proven track record in the gas aggregation business, having successfully managed gas volumes of over 85 mmscm (million standard cubic meters) upto March-end.

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The company provides gas supply chain solutions to customers across Gujarat, Maharashtra, Rajasthan, Haryana, Punjab, Himachal Pradesh, Uttarakhand, and Uttar Pradesh.

It achieved a turnover of ₹490 crore last fiscal, resulting in a net profit of ₹32 crore.