Radix Group had been co-founded by Dr. Chitra Rajan and Madhukar Govindarajulu.
Radix specializes in the field of Bio Methanationi.e. converting organic raw material
(waste) and producing Bio CNG / CBG (Compressed Bio Gas).
Today Radix has a capacity to process 500 tons of waste and produce 8 tons of Bio- CNG per day.
With extensive R& D efforts Radix has been able to identify the differentiators which will determine the success of the idea. Some of the differentiators are:
1. Develop in house the technology or customize the available technology to ensure the capital costs are kept at a lowest level.
2. Use of specific enzymes to increase the yield of gas.
3. Innovation in production process to ensure that the plant can handle various types of wastes.
Radix's association with PFAN started in the year 2013 under AFCEF-3, 2013. When Radix was shortlisted by PFAN, it had setup 2 pilot plants. After getting selected by PFAN for mentoring, PFAN assigned Mr. Nagaraj Rao as the mentor. Mr Rao was a very experienced coach who very quickly was able to help the promoters to understand the risk involved in their business model. Under his able guidancethe promoters revised their business model. The mentor also suggested that Radix should not dilute its equity but to go through the debt route to raise funds.
For the first round of funding Radix was raised a Debt of Rs 23 M ($0.36-0.38M). Initially the project was to utilize the Biogas to generate power but based on the technology developed in house, Radix successfully changed its model from generating power to selling Bio CNG. This required Radix to develop the technology to purify Biogas to increase the Methane content to +90% and also develop compression technology to bottle the Bio CNG.
Radix has signed a contract with Indian Oil Corporation (one of the largest Oil Marketing Companies in the world) to sell their entire output. After the success of the first plant in Bangalore, Radix has decided to use the hub and spoke model to grow exponentially. Wherein Radix will develop the technology and will be the implementation partner and select a partner who will be the investment partner.
Now, Radix has tied up with a large business house in Punjab to setup Bio CBG plants in North West India. Radix's growth can be gauged from the fact that from production capacity increased from 500kgs/day in 2013 - 1T in 2016, 2 T/day in 2018, 6T/day in
2019-20, to 16 T/day in 2021 (green field plant, construction commenced). Radix has been successful now in raising a Debt funding to the tune of INR 300 M ($4.2M). Currently Radix is involved in R & D efforts to commercialize Next Generation Hydro Carbon based Fuel Technologies with a tie up with Indian Institute of Technology, Madras. This technology has the potential to bring a paradigm shift in Energy generation from waste.