INFUSE Ventures, a fund focused on clean-tech, set up by IIM Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship (CIIE), has announced a stellar partial exit from its investment into Fourth Partner Energy, a leader in rooftop solar space, as part of the recent $70 million investment by TPG’s Rise Fund.
Commenting on this exit, Amber Maheshwari, Principal, INFUSE Ventures, said, “Fourth Partner Energy has been a phenomenal growth story led by a strong promoter group, committed towards providing affordable renewable energy solutions to industrial and commercial customers. 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. Recognized as the second largest rooftop solar EPC across India, Fourth Partner Energy the company has established a footprint across 22 states in India and its installed base including orders under execution exceed 125 MWp.
Talking about the partnership, Vivek Subramanian, Co-founder, Fourth Partner Energy, shared, “Infuse’s renewable energy focus was a big boon. They had a clear vision on how this space would evolve. The fund’s Investors including BP, SIDBI, IFC and the Ministry of Renewable Energy were valuable in shaping our future through their relevant insights. We thank INFUSE Ventures for their trust and helping us achieve our goals through their investment at the early stage of our growth. We appreciate their active engagement with us at a Board and operating level.”
With the latest fundraise, Fourth Partner Energy has embarked upon a journey to manage over 1 GW of distributed solar assets by 2022. The organization plans to foray into international territories such as South East Asia, Middle-East and Africa in near future to further its basket of offerings to include energy management and storage solutions.
