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Investment firm IvyCap Ventures on Wednesday announced investment of Rs 15 crore in financing for AI-powered energy analytics leader Bidgely to accelerate their growth plans in India.

Bidgely uses artificial intelligence (AI) techniques to transform utility meters and customer data into business intelligence and for utilities and energy retailers to better understand and engage with customers.

“Bidgely’s experienced team and patented technology has brought immense value to its customers in other geographies and we are extremely happy to be working with founders and existing investors in its scale up journey hereon,” Vikram Gupta, Founder and Managing Partner at IvyCap Ventures, said in a statement.

Backed by leading investment firms like Georgian Partners and Khosla Ventures, Bidgely works with over 30 utilities and energy retailers across the globe.

“This investment from IvyCap Ventures enables us to further develop our Utility AI platform, including electrification, EV and decarbonization solutions, as well as accelerate growth into new markets around the world,” Bidgely’s Chief Executive Officer Abhay Gupta said.

IvyCap Ventures — one of India’s leading homegrown venture capital funds which has domestic institutional investors as its LPs — has seen a whopping 22X return on its initial investment of Rs 15 crore in startup Purplle after the online beauty retailer’s latest funding round.

Speaking on the exit, Vikram Gupta, Founder and Managing Partners, IvyCap Ventures, said, “We had invested in Purplle.com from our Fund 1 and Fund 2. When we first invested in Purplle in 2015 we were confident that technology would disrupt and redefine the beauty industry in India.”

This is a “defining moment” for the Indian startup ecosystem and returns of this kind will boost the confidence of domestic investors to invest in startups, Vikram Gupta, Founder and Managing Partner of IvyCap Ventures told YourStory Founder and CEO Shradha Sharma in a chat recently.

(Disclaimer: Additional background information has been added to this PTI copy for context)