Mumbai, June 23, 2025 – BanyanTree, a leading mid-market private equity firm, announced today that it has exited its investment in Power Exchange India Limited (PXIL), delivering a 3x multiple on invested capital in less than two years. PXIL is India’s first institutionally promoted power exchange and a key player in the country’s evolving electricity market architecture.

Since BanyanTree’s investment last year, PXIL has doubled its market share to ~18%. BanyanTree was the first institutional investor in PXIL and was subsequently followed by Norwest Venture Partners and several UHNIs. BanyanTree’s exit was facilitated through secondary placements to UHNIs via wealth and fintech platforms.

Over the past 18 months, BanyanTree has exited Popular Vehicles [10x], GPT Healthcare [13x], Nspira – Narayana Group [2.5x], Astaberry [2.5x], and Origami [3x].

About PXIL
Power Exchange India Limited (PXIL), promoted by the National Stock Exchange (NSE) and NCDEX, is a technology-driven platform for transparent electricity trading and is at the forefront of India’s evolving power sector. It operates on a homegrown technology platform—unlike other players who rely on Nordpool’s infrastructure—enabling greater agility and responsiveness to market shifts.

As India transitions toward a more renewable-heavy energy mix, power exchanges like PXIL would play a critical role in managing intermittency and variability of renewable sources. PXIL is positioned as a direct beneficiary of structural reforms such as the expansion of the term-ahead market and the anticipated introduction of market coupling, which are expected to considerably increase the share of exchange-based power trading in India.

About BanyanTree
Founded in 2008, BanyanTree is focused on investing in mid-market companies in India. With USD 300 million+ raised across three funds, BanyanTree invests growth capital for significant minority stakes and, in select cases, undertakes control transactions, targeting underserved niches and geographies. The firm is committed to driving positive developmental outcomes through a strong focus on ESG principles and alignment with the UN Sustainable Development Goals (SDGs). BanyanTree’s investor base includes some of the world’s largest development finance institutions, sovereign wealth funds, fund-of-funds, development funds, and insurance companies.

Power Exchange India Limited