Norwest Makes Investment in Power Exchange India Limited, Acquires 5% Stake

Backs India's energy future by investing in transparent, technology-led power markets amid strong macroeconomic and regulatory momentum

MUMBAI, India, April 16, 2025 /PRNewswire/ -- Norwest Venture Partners acquired 5% stake in Power Exchange India Limited (PXIL), a leading power exchange in India, jointly promoted by National Stock Exchange (NSE) and National Commodity & Derivatives Exchange (NCDEX). The investment highlights Norwest's confidence in India's energy transition and the growing importance of transparent, technology-driven power markets.

India is one of the fastest-growing global energy consumers, driven by urbanization, industrial growth and rising per capita usage. As the country moves toward its ambitious economic and sustainability goals, building efficient, market-based infrastructure for electricity becomes increasingly important.

At the heart of this transformation are power exchanges like PXIL, which play a critical role in enhancing transparency, improving price discovery and reducing inefficiencies in how electricity is produced, traded and consumed. PXIL is well-positioned to lead India's shift toward a more dynamic, technology-driven and decarbonized energy future with a strong track record, continuous rollout of new trading products and an innovation-led approach.

"India's energy sector is at an inflection point, and we believe transparent, market-driven platforms like PXIL will be critical in enabling the country's transition to a more sustainable and efficient energy future," said Niren Shah, Managing Director and Head, Norwest India.

"We are excited to partner with PXIL. The company has demonstrated strong execution under a forward-looking management team, with a clear focus on product innovation, digital transformation and alignment with India's regulatory vision for a more efficient and sustainable energy market," added Ankit Prasad, Principal, Norwest India.

Building the Technology Foundation for Modern Energy Exchanges

The Indian regulatory environment is transforming with policies that encourage market-based mechanisms, deepening liquidity and fostering competition. Initiatives such as market coupling are also gaining momentum, aiming to unify price discovery across platforms and enhance overall market efficiency. PXIL has been a key enabler of these developments, offering a trusted and transparent platform for buyers and sellers across the country.

Looking ahead, PXIL is actively working on launching forward-looking initiatives, including technological upgrades to its trading infrastructure, carbon credit markets, cross-border electricity markets, green energy corridors and peer-to-peer (P2P) rooftop solar trading platforms leveraging rooftop solar and blockchain-based technologies. These offerings aim to create deeper market access, drive decarbonization and promote energy democracy.

"We welcome Norwest as an investor and long-term partner," said  Satyajit Ganguly, MD and CEO, PXIL. "This partnership comes at a time when the market is expanding rapidly, and with Norwest's global insights and financial strength, we are confident in accelerating our innovation roadmap and enhancing market participation."

PXIL is backed by institutions including the National Stock Exchange of India (NSE), NCDEX, and shareholders such as Power Finance Corporation, NVVN limited, Gujarat Urja Vikas Nigam Limited, MP Power Management Company Limited, West Bengal State Electricity Distribution Company Limited, Tata Power Trading Company Limited, GMR Energy, JSW Energy and others.

About Norwest Venture Partners
Norwest is a leading venture and growth equity investment firm that works side-by-side with the world's top entrepreneurs, empowering them throughout their personal journey of professional growth. Managing more than $15.5 billion in capital, we have invested in over 700 early-to-late-stage companies, with more than 250 currently active. Focused primarily on consumer, enterprise, and healthcare, we provide businesses with the specialized resources, expertise, guidance, and connections to achieve their vision. Norwest has offices in Menlo Park and San Francisco, with subsidiaries in India and Israel. To learn more, visit norwest.com.

About Power Exchange India Limited (PXIL)
Power Exchange India Limited (PXIL) is a leading Power exchange in India, enabling efficient and transparent transactions for generators, utilities, industries, and traders. Providing innovative and credible solutions that have revolutionized the way Indian power markets operate since 2008, PXIL is promoted by a consortium of financial institutions and power sector entities, including the National Stock Exchange of India (NSE), National Commodity and Derivatives Exchanges (NCDEX). PXIL's unique combination of local insights and global perspectives helps its members make better informed business and investment decisions, and improves the overall efficiency of power markets in India by accurately and seamlessly connecting buyers and sellers. For more information, visit www.powerexindia.in.