AHMEDABAD: Infuse Ventures, a clean-tech focused fund set up by IIM Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship (CIIE), announced partial exit from its investment in a rooftop solar player – Fourth Partner Energy.
Infuse Ventures informed that the partial exit from the company was at a stellar return of over 4 times from its investment of $ 1 million in September 2015.
The announcement came as part of the recent $ 70 million investment by TPG’s Rise Fund in the company.
Infuse Ventures had led the Series A investment in Fourth Partner Energy in 2015.
Amber Maheshwari, Principal, Infuse Ventures, said, “The exit is a great validation of the market opportunity in the cleantech sector in India. VC funds in India have largely stayed away from investments in the cleantech sector due to perceived regulatory risks and slow adoption cycles. We hope success stories like Fourth Partner will help change the perception about the sector.”
Under Infuse Venture’s guidance, Fourth Partner Energy’s revenue grew over 7 times in less than 3 years to be recognized as the second largest rooftop solar EPC across India. The company, which had first associated with CIIE as part of its cleantech accelerator program in 2013, has established a footprint across 22 states in India and its installed base including orders under execution exceed 125 MWp.
Vivek Subramanian, Co-founder, Fourth Partner Energy informed that with the latest fund raise, Fourth Partner Energy has embarked upon a journey to manage over 1 GW of distributed solar assets by 2022.