Bessemer Venture Partners and Lightspeed Venture Partners have invested Rs 70 crore in Indian Energy Exchange (IEX), the country’s first power exchange.
The two American venture capital firms invested Rs 35 crore each, through a mix of secondary stake sale by existing investors and fresh infusion through compulsorily convertible preference shares (CCPS), VCCircle.com reported. Both companies hold 5.56 per cent stake each in the exchange, which will increase once the CCPS are converted. Each firm will have two representatives on the board of IEX.
IEX, promoted by Financial Technologies and PTC India Financial Services, has a number of stakeholders like Adani Enterprises, Infrastructure Development Finance Company, Jindal Power, Lanco Infratech, Reliance Energy, Tata Power and Rural Electrification Corporation. The exchange provides a day ahead and weekly spot trade in electricity.
The total turnover of the exchange has crossed Rs 7,200 crore, with a total cumulative volume crossing 10 billion units. It has around 87 per cent market share. The exchange is used by 29 state utilities, about 112 private generators and over 360 industrial consumers to buy and sell power. The exchange also says around 500 clients are registered with the exchange, and it has over 384 participants.
