Drone-based Geospatial Company Matrix Geo Raises Pre-IPO Funding

Drone & Space tech-based geospatial company Matrix Geo Solutions has raised nearly USD 1 million in its pre-initial public offering (IPO) funding round. This round saw participation from marquee investors such as Chittorgarh Infotech, Viney Equity Markets LLP, and Tryrock Capital Trust AIF, among Others. IntelliFin Private acted as the company's sole investment banker.

Following the fundraiser, Matrix Geo is now looking to file a draft red hearing prospectus (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.

On the fundraise Amit Sharma, Co-founder of Matrix Geo Solutions affirmed, “We are delighted to complete the pre-IPO funding round successfully and would like to express our gratitude to 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 utilising the fundraising to lead this transformation.”

Founded by 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.

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.”