The cleantech company Hygenco has funded Rs 50 crore, or roughly USD 6 million, from Trifecta through non-convertible debentures. For the Gurugram-based business, this is their first loan investment of the year.
According to Hygenco's regulatory filing obtained from the Registrar of Companies, the board has adopted a special resolution to issue 500 debentures at an issue price of Rs 1,00,000 each in order to raise Rs 50 crore. According to the petition, the aforementioned dentures have a 24-month term and an annual interest rate of 14.5%.
Hygenco is an expert in creating and implementing commercial systems for the production of ammonia and green hydrogen. Its solutions serve the personal mobility, maritime, and land transportation sectors as well as large-scale process industries.
In October 2022, Hygenco obtained its first $25 million investment from SBI through the Neev II Fund. According to media sources, the corporation wants to raise $100 million by the end of this year. Additionally, the business established the nation's first green hydrogen factory in collaboration with Jindal Stainless.
According to TheKredible, a startup data intelligence platform, SBI owns 49.6% of Hygenco through its Neev II Fund. Together, Amit Bansal, Anshual Gupta, and Aashish Gupta, the company's co-founders, own 46.1% of the business.
Up to the fiscal year ended in March 2023 with a loss of Rs 6.3 crore, the business was in the pre-revenue stage. For the preceding fiscal year (FY24), Hygenco has not yet submitted its annual results.
