IEX Launches India’s First Gas Trading Platform to Transform the Indian Gas Market

Indian Energy Exchange, India’s leading and premiere energy market platform today announced the launch of Indian Gas Exchange (IGX), first nationwide online delivery-based gas trading platform. Shri Dharmendra Pradhan, Honourable Minister of Petroleum and Natural Gas, inaugurated the Indian Gas Exchange in the e-ceremony held today and the trade on the platform commenced in his auspicious presence. The platform is fully automated with web-based interface to provide seamless trading experience to the customers and is powered by best-in-class technology from GMEX, one of the world’s leading digital exchange trading and post trade technology providers. Incorporated as a wholly owned subsidiary of the IEX - India’s leading energy market platform, IGX will enable market participants to trade in standardised gas contracts.

Esteemed dignitaries such as Shri Tarun Kapoor, Secretary, MOPNG and Shri D K Saraf, Chairman, PNGRB also addressed and felicitated the e-launch ceremony which also saw a virtual gathering of 1000+ participants from India and overseas.

IGX will play an instrumental role in transforming India’s gas markets, positioning India as a sustainable economy and enhancing industry’s competitiveness. The competitive price discovery will facilitate availability of gas at lower prices for cross-spectrum of industries across India, stimulate demand and facilitate greater investments in domestic gas exploration.

Mr. Rajiv Srivastava, Managing Director and CEO, IEX and Director, IGX said at the launch, “It is a proud moment for us to launch Indian Gas Exchange. IEX, over the last 12 years has successfully furthered government’s agenda of 24 x7 power for all through technology-led electricity markets. We now endeavour to build gas markets in the country to support the government’s vision to increase the share of gas from 6% currently to 15% by 2030 in India’s energy mix.”
Srivastava further added, “IGX will drive industrial competitiveness, sustainability, spur investments in the gas value chain, deliver efficient utilisation of the pipeline infrastructure as well as ensure revival of gas-based power plants.”

The Indian Gas Exchange will offer six market products beginning from day-ahead market and forward contracts including - Daily, Weekly, Weekday, Fortnightly and Monthly at three physical hubs in Dahej, Hazira in Gujarat and Odoru in Andhra Pradesh to begin with while it is planned to add more hubs soon.

Through its membership drive launched in March this year, IGX already has 12 members and more than 350 registered clients from prominent industrial segments.

Mr. Hirander Misra, Chairman of GMEX Technologies commented, “We are delighted to be the strategic technology partner for IGX as cutting-edge technologically enabled energy marketplaces of the future.” He added, “IGX will architect India as a market-based gas economy, whilst also leading to sustainable environmental benefits.”

Dubai’s Biggest Startup Investment Fest Now Open for Indian Startups to Participate

Dubai AIM Startups, one of the biggest Startup Investment event in the region organised by UAE Ministry of Economy, now open for Indian Startups to participate. The UAE has been hosting this Annual Investment Meeting for few years now, however this will be the first time Indian startups will get an opportunity to participate in this international mega investment summit. The India leg of the summit will be organised by GREX through an MoU between the parties.

To recall, GREX and AIM Startup, an initiative of UAE Government, have signed an MoU, in September last year, to provide better access for Indian companies to the markets in MENA region (Middle East and North Africa region), and forge meaningful relations with business leaders, investors and international Government entities.

GREX has connected with various ecosystem partners like IIT campuses (Mumbai, Kanpur, Madras & Guwahati), T-Hub, CIE-IIIT, 91Springboard etc. and various State Government projects like Kerala Startup Mission, Rajasthan iStart etc to partner and host these events in their respective regions. Even some domestic VC Funds have joined this initiative and will look at possible investment opportunities through the competition for Startups.

Mr. Jayesh Ranjan, Principal Secretary Industries & Commerce & IT, Government of Telangana quoted “Government of Telangana has always been on the forefront of providing various opportunities for startups to grow. We congratulate UAE Ministry of Economy for this wonderful initiative i.e. Dubai AIM Startup and are happy that GREX is bringing this international program to India. I am confident this program will give valuable international exposure and access to global investors to our startups. And therefore, encourage our startups to participate.”.

Dr Saji Gopinath, CEO, Kerala Startup Mission quoted “Kerala has long standing business relationship with Arab Nations. The Dubai AIM Startup Summit is a great opportunity for the new generation startup entrepreneurs from the State to explore the avenues in MENA region and to Foster meaningful business linkages. It is heartening to see the good efforts of GREX for being a great catalyst in linking startups from India with burgeoning investment opportunities in the GCC countries. Such international exposure and linkages would go a long way in further strengthening competitiveness of our startup ecosystem.”

“We at Cornerstone Venture Partners are excited to participate in the AIM Startup’s Annual Innovation Showcase and Pitch Competition, brought to India by GREX. We look forward to meet and interact with startup founders who are focusing on digital technologies that will drive the future growth. Keeping in mind Opportunity Size, Ease of Scale, Team's Capability, and Monetizability / Ease of Exits.  
We wish the GREX and Dubai AIM Startup event all the success. Let’s AIM Winning Together!”, thoughts shared by Mr. Rajiv Vaishnav, Managing Partner, Cornerstone Venture Partners.

Mr. Dawood Al Shezawi, Chairman, Organizing Committee AIM Startup 2019 said, “Disruptive ideas have turned thousands of Indians to be passionate innovators. This is evident with the impressive number of startups formed in India in 2018. We have to match their passion with a platform that will encourage and support their ideas to become a reality. This is exactly what AIM Startup has been committed to since its inception in 2017.
For its third edition, AIM Startup 2019 will once again welcome the most brilliant minds and link their ideas with genuine investors. We look forward to see amazing ideas from Indian innovators.”

Explaining the advantages participating startups would benefit from this Summit, he added that “AIM Startup 2019 will give 20,000 expected visitors in-depth sector knowledge and coaching through specialized workshops by international professionals from the industry. Investors, startups, SMEs and policy makers will be able to meet and explore potential investment projects in an arena conducive to such discussions as will be provided at the global event.”

Two Companies "Go Live" at Private Market Platform 'GREX' to Raise Funds

GREX, a private market platform, today announced two companies, Quotient Digital (digital wealth management fintech) and Rooftop Urja (renewable energy company) went ‘LIVE’ on its platform. After going LIVE companies can access various solutions and features that GREX offers. Companies must get associated with a Sponsor who is willing to have the company in its portfolio at GREX.

Sousthav, Co-founder and CEO of Quotient Digital, one of the companies that went LIVE on GREX, said, “For any founder, it is a dream to get validation from investors by raising capital. It is usually a process that is not entirely transparent, time-consuming and in the initial few rounds, something a founder has to do by themselves. With GREX as a partner, not only it has been entirely transparent, but there has been a high degree of hand-holding, which is what made the process easier. It still took time, but it was thorough, and we always had someone to guide us. Thank you GREX!”

Says Mukul Jain of Redbrick Capital Advisors, the Sponsor for Rooftop Urja, “GREX has offered a new alternative to the starved equity market in India. As we all know, capital is extremely constrained for SME’s globally. However, GREX has come as a life savior for run by offering a means to raise alternate capital. We have been associated with GREX since beginning and the journey has been a good learning experience. The team at GREX has been very supporting and forthcoming to assist sponsors in getting used to the system as well as to ensure maximum value can be generated for the stake holders."



Apart from Sponsor association companies go through rigorous legal due diligence process through any of the accredited law firms of GREX. One of the other requirements of GREX also is to mandatorily adopt StockChain (Blockchain based share registry) as their statutory shares registry and make relevant changes in their Articles.

Legasis Partners and Hreem Legal were the law firms who did legal due diligence for Quotient Digital and Rooftop Urja respectively. Says Apurv Sardeshmukh, Partner at Legasis Partners, “Legasis Partners is proud and delighted to be associated with GREX and hope to assist them in all their endeavours. It has been a great experience to work with GREX and Quotient Digital and try and define a process by which the company will be compliant with all applicable laws and fit for investment.”

After going LIVE companies have an obligation to share information on a continuous basis on GREX platform. Manish, Co-founder and CEO, GREX said “GREX is not just a capital raising platform. We require companies to continuously update their important information and develop continuous engagement with the investors. Companies who share very well are followed very well and this leads to investors trust developing over a time. Despite being pioneers in enabling digital investment transactions we believe that investors should invest when they trust a company.”

Recently in September, GREX has signed an MoU with AIM Startup, an initiative of UAE Government to provide better access for Indian companies to the markets in MENA region (Middle East and North Africa region), and forge meaningful relations with business leaders, investors and international Government entities.

It may also be recalled that back in May 2016, two companies -- SolarTown Energy Solution and Comarete Technologies, have had raised over raised INR 14.1 million by integrating on GREX platform. Prior to this, Gurgaon-based Next Gen Paper Solutions Private Limited which runs and operated Kleeto, an end-to end record and information management service startup, has successfully raised approximately INR 1.5 Crore on GREX

GREX and UAE Govt's AIM Startup Signs MoU to Bring the World's Leading FDI Platform Closer to Indian Startups

Pune-based private market platform GREX and AIM Startup, an initiative of UAE Government, have signed an MoU, on Thursday, to provide better access for Indian companies to the markets in MENA region (Middle East and North Africa region), and forge meaningful relations with business leaders, investors and international Government entities.

Launched in 2017, AIM Startup, an initiative of the UAE Ministry of Economy, aims to connect promising startups with investors and business partners from all around the world. It is set in the heart of UAE's Annual Investment Meeting that happens in Dubai, the World's Leading FDI Platform for Emerging Markets.

GREX is a private market platform, and its associated ecosystem, that help companies access multiple financial products as they grow from Incubator to IPO. This initiative endeavors to provide more growth opportunities to companies on GREX.

This partnership between AIM Startup and GREX is going to open a large set of opportunities for the companies not only on GREX but also all the other companies looking for growth in the Middle East.

[caption id="attachment_126375" align="aligncenter" width="700"] MoU Signing between GREX and AIM Startup[/caption]

Mr. Dawood Al Shezawi, President, AIM Startup said “We believe that the local ecosystems can benefit from international cooperation. The market in the region can certainly accommodate companies and innovators that will not only benefit from doing business in GCC but will also bring in know-how and best practices. This is where we have the pleasure to welcome our partner GREX for the 3rd Edition of AIM Start-up with whom we are looking to ensure India’s business leaders of tomorrow will take an active part in our platform as start-ups, investors and mentors.”

On this occasion Neera Inamdar, VP Strategic Alliances, GREX mentioned “This way we are trying to bridge a gap between an international finance hub and Indian startup ecosystem. We are very happy with this partnership and we look forward to cultivate it further.”

GREX is association with AIM Startup will conduct several events in various parts of India to create awareness among Indian companies and bring opportunities to expand their footprint in Middle East. Shortlisted companies will get a chance to showcase themselves during the AIM Startup Event in 2019.

Debashis Das, CEO of Bharati Robotic Systems added “It is an encouraging step for the companies in India looking to explore Middle East market for business growth. I would like to congratulate GREX and UAE Government for this positive step and believe that a number of companies will take advantage of this opportunity.”

To recall, in July Government of India’s official investment promotion agency 'Invest India' and the UAE Minister for Artificial Intelligence (AI) have signed a bilateral AI Bridge agreement that seeks to create economic benefits worth $20 billion during the next decade.

A month back, UAE-based OMA Emirates Group has launched a fintech Fund of $3 million to focus on emerging and potential financial technology companies and startups in India

Besides UAE, Bahrain is an another middle east nation looking at Indian Startup ecosystem as an oppurtunity. In July this year, Bahrain announced that it keen on welcoming startups and venture capitalists (VC) from India to access the country's startup ecosystem, said John Kilmartin, Executive Director, ICT at Bahrain's Economic Development Board (EDB).

GREX and UAE Govt's AIM Startup Signs MoU to Bring the World's Leading FDI Platform Closer to Indian Startups

Pune-based private market platform GREX and AIM Startup, an initiative of UAE Government, have signed an MoU, on Thursday, to provide better access for Indian companies to the markets in MENA region (Middle East and North Africa region), and forge meaningful relations with business leaders, investors and international Government entities.

Launched in 2017, AIM Startup, an initiative of the UAE Ministry of Economy, aims to connect promising startups with investors and business partners from all around the world. It is set in the heart of UAE's Annual Investment Meeting that happens in Dubai, the World's Leading FDI Platform for Emerging Markets.

GREX is a private market platform, and its associated ecosystem, that help companies access multiple financial products as they grow from Incubator to IPO. This initiative endeavors to provide more growth opportunities to companies on GREX.

This partnership between AIM Startup and GREX is going to open a large set of opportunities for the companies not only on GREX but also all the other companies looking for growth in the Middle East.

[caption id="attachment_126375" align="aligncenter" width="700"] MoU Signing between GREX and AIM Startup[/caption]

Mr. Dawood Al Shezawi, President, AIM Startup said “We believe that the local ecosystems can benefit from international cooperation. The market in the region can certainly accommodate companies and innovators that will not only benefit from doing business in GCC but will also bring in know-how and best practices. This is where we have the pleasure to welcome our partner GREX for the 3rd Edition of AIM Start-up with whom we are looking to ensure India’s business leaders of tomorrow will take an active part in our platform as start-ups, investors and mentors.”

On this occasion Neera Inamdar, VP Strategic Alliances, GREX mentioned “This way we are trying to bridge a gap between an international finance hub and Indian startup ecosystem. We are very happy with this partnership and we look forward to cultivate it further.”

GREX is association with AIM Startup will conduct several events in various parts of India to create awareness among Indian companies and bring opportunities to expand their footprint in Middle East. Shortlisted companies will get a chance to showcase themselves during the AIM Startup Event in 2019.

Debashis Das, CEO of Bharati Robotic Systems added “It is an encouraging step for the companies in India looking to explore Middle East market for business growth. I would like to congratulate GREX and UAE Government for this positive step and believe that a number of companies will take advantage of this opportunity.”

To recall, in July Government of India’s official investment promotion agency 'Invest India' and the UAE Minister for Artificial Intelligence (AI) have signed a bilateral AI Bridge agreement that seeks to create economic benefits worth $20 billion during the next decade.

A month back, UAE-based OMA Emirates Group has launched a fintech Fund of $3 million to focus on emerging and potential financial technology companies and startups in India

Besides UAE, Bahrain is an another middle east nation looking at Indian Startup ecosystem as an oppurtunity. In July this year, Bahrain announced that it keen on welcoming startups and venture capitalists (VC) from India to access the country's startup ecosystem, said John Kilmartin, Executive Director, ICT at Bahrain's Economic Development Board (EDB).

SolarTown Energy Solution and Comarete Technologies Raise Funds on GREX

In line with its ideology of need based fund raising, GREX, a seamlessly integrated exchange like platform for unlisted companies, has successfully facilitated capital raising for SolarTown Energy Solution and Comarete Technologies on its transaction platform. The two companies together raised INR 14.1 million and plans to raise further capital on GREX platform soon.

Tushar Patil, Co-Founder Comarete said: “The convergence of telecoms and IT has opened the door of significant B2B activity in Information and Communication Technology industry which we would not like to miss. The funds raised will be used for building solution based on Internet of Everything (IoE) and we are satisfied with the amount raised in a very short span of time through GREX.”

Co-Founder of GREX and Director - Operations, Surojit Nandy, said “Since inception, we have always believed that companies should always raise funds based on their needs. This not only protect companies from equity dilution at one go but also offers different set of investors to invest in such unique companies.”

“We are delighted to facilitate SolarTown and Comarete Technologies in their fund raising and look forward to change in fund raising activity within the unlisted and startup ecosystem,” he further added.

About SolarTown Energy Solutions Pvt. Ltd.

SolarTown Energy Solutions Pvt. Ltd. is a pioneer in India’s solar industry specializing in the sale, lease and installation of solar rooftop systems for residential, commercial and industrial customers. SolarTown empowers businesses and homeowners to take control of their electric bills by adopting clean solar power at a fixed cost that is lower than DISCOM rates. To shield its customers against rising energy costs, SolarTown offers two options: direct purchase of a system with accelerated depreciation tax benefits and payback periods as low as five years, or lease of a system with no upfront costs and a fixed rate going forward. Its confidence in its systems is reflected in a unique 15-year performance guarantee and hassle- free O&M service.

About Comarete

Comarete is a technology and consulting company headquartered in Pune, India. It offers complete technology and consulting services with a broad portfolio of CRM, OSS, BSS predictive analytics, software development and systems management for the Telecom and media industry. In a very short span of time Comarete got its foot print in APAC, Middle East & India. Comarete helps clients in optimising their costs and grow their market size.

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