Drone Tech Firm Matrix Geo Plans SME IPO Filing Soon

Drone& Space tech-based Geospatial Company, Matrix Geo Solutions Ltd. has raised close to $1 million in its pre-IPO funding round. This round saw participation from marquee investors such as Chittorgarh Infotech Limited, Viney Equity Markets LLP, Tryrock Capital Trust AIF among Others. IntelliFin Private Limited (www.ipoplatform.com) acted as sole investment banker to the Company.

Following the fundraise, Matrix Geo is now looking to file DRHP soon for SME IPO. Furthermore, the Company intends to use this funding to accelerate growth and capture a larger market share in the rapidly expanding drone services sector in India and abroad.

Foundedby Amit Sharma & Rahul Jain in 2008, Matrix Geo Solutions is a leading geospatial technology company empowering customers in planning, monitoring, and management through advanced drone and satellite technology, driving efficiency, cost savings, and better decision-making.

Matrix Geo Solutions has been instrumental in advancing drone-based remote sensing solutions across India. Over the past few years, the company has successfully delivered services to a wide range of sectors, including Railways, Roadways, Ropeways, Irrigation, Agriculture, Hydropower, Metro projects, Mining, Urban planning, Solar power, Inspections, and Surveillance.

On the fundraiseAmit Sharma, Co-founder of Matrix Geo Solutionsaffirmed, “We are delighted to successfully complete the pre-IPO funding round and would like to express our gratitude the eminent investors who showed faith in Matrix Geo. Ever since the Indian government regulated drone usage in 2021, we’ve seen a massive surge in adoption across government and private sectors. Matrix Geo is committed to utilizing the fundraise in leading this transformation.”

Speaking on the investment,Anant Aggarwal, Managing Partner at Viney Equity Markets LLP said “Matrix Geo Solutions is clearly riding the wave of future with their drone technology. Given the growing scope of this technology, along with favorable regulations, we foresee an immense potential for a solution provider like Matrix Geo. We wish the team the best and look forward to them disrupting the sector with their top-of-the-line offerings.”

Rahul Jain, Co-founder of Matrix Geo Solutions added, “We extend our heartfelt thanks to all our investors for joining us on this growth journey. This fund will fuel investments in technology, capacity expansion, sales and marketing efforts, and R&D initiatives to drive continued success.”

Matrix Geo Solutions has recently launched the "Drone Academy of India," an educational initiative aimed at building capacity and expanding market reach. The academy provides practical, industry-focused drone and space technology training for students, major infrastructure companies, and government agencies. 

In the past, Matrix Geo Solutions has provided cutting-edge drone and space technology for several high-profile projects, including the Indian Railways' High-Speed Rail Corridor, Bharatmala Road Project, Hemkund Sahib Ropeway Project, Statue of Unity Area Development, the world's highest railway bridge over the Chenab River, India's largest solar project, Kumbh Mela planning, and more. We have collaborated with esteemed clients such as Indian Railways, World Bank, IRCON, RITES, RVNL, DFCCIL, NHAI, NHLML, NHIDCL, CRRI, WAPCOS, CWC, NWDA, GAIL, IOCL, DMRC, Kolkata Metro, SAIL, NEEPCO, UP Jal Nigam, ASI, NTPC, SECI, L&T, Adani, Tata, Dalmia Group, Welspun, among others.