Hygenco is an ammonia-based hydrogen fuel solution provider that has secured Rs 50 crore in its debt funding round. Trifecta led the debt round, which included other investors. This marks the firm’s first debt investment round. The startup plans to use these proceeds to scale its operations, enhance its services, improve its solutions, introduce new offerings, and develop its market presence
The board has approved a resolution to allot 500 debentures at an issue price of Rs 100,000 each to raise $6 million. The startup also plans to use some of this investment for working capital and market expansion. The company develops and deploys commercial green hydrogen and ammonia production systems. The application also provides large-scale process industries, marine, and terrestrial transport.
Hygenco aims to develop hydrogen fuel solutions and ammonia production systems. The startup has raised around 25.4 million USD across multiple funding rounds since its inception, including $25 million raised this amount from Neev Fund during its series B funding round. The company filing mentioned that these non-convertible debentures are issued at a tenure of 2 years with an interest rate of 14.5 percent per annum.
The Gurugram-based startup aims to raise around 100 million US by the end of this year. The company wants to use some of this fresh capital to develop its brand presence in the clean-tech sector. Before this funding round, Neev Fund was the firm’s largest institutional investor. The investment came just after the cleantech sector saw increased investor interest. The startup faces competition from other cleantech startups in the same market segment such as Hystar, H3 Dynamics, and GeoPura.
The clean tech firm posted a loss of Rs 6.3 crore while in a pre-revenue stage in the previous financial year. The firm plans to use this investment to strengthen its platform, and expand its services. Hygenco intends to use this amount to scale up its in-house production, enhance manufacturing capability, and advance its technology. This investment shows the trust of Trifecta in Hygenco’s market potential and business model. The startup data intelligence platform, thekredible reports showed that the SBI holds the largest stake of 49.6 percent in Hygenco through its Neev II Fund. The co-founders own 46.1 percent of the remaining stake in the firm.
Conclusion:
Hygenco is an ammonia-based hydrogen fuel solution offering cleantech startup that provides ammonia production systems. The startup raised Rs 50 crore in its first debt funding round. Trifecta led the funding round with the participation of other investors. The company’s board approved the resolution to allot 500 non-convertible debentures at an issue price of Rs 1,00,000 each to raise $6 million.
The company aims to use its advanced technologies to transform the cleantech sector. Hygenco aims to raise $100 million by the end of this year. The investment shows the investor’s interest in Hygenco’s market potential and business model. The company plans to use this fresh capital to scale its operations, launch new solutions, expand its offerings, improve its production capabilities, and develop its brand presence.
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