The Venture Codex

Participated · Equity · Sep 2025

NCDEX is India's dominant agricultural commodity exchange, focused on trading agricultural commodities and related derivatives. The exchange has raised $87.99 million from global trading firms and domestic brokers as it prepares to enter equity markets. It received in-principle approval from the markets regulator in July to launch equity and equity derivatives trading and plans to offer equity trading first, then equity derivatives in about a year. Named investors include Citadel Securities, Tower Research, Acacia Partners, Zerodha and Groww, each buying roughly 1%-2% stakes. The CEO, Arun Raste, said the raise targeted high-frequency trading firms, broking firms and HNIs so investors would have "skin in the game" ahead of the equity foray. The exchange has seen reduced trading volumes after recent regulator steps, but management sees potential to expand participation into smaller towns; regulators have also extended a ban on futures in seven key agricultural commodities until March next year. GSP Crop Science is a Gujarat-based agrochemical company operating in the Indian agrochemical sector. The company is noted for its underlying strengths in research and development. It has received an investment of Rs 95 crore from the Oman India Joint Investment Fund (OIJIF). Management says it will use OIJIF’s investment alongside internal resources to double its market share over the next three years. Quest Profin Advisor served as the sole arranger for the investment. Company leadership cited growing farmer awareness and favourable political impetus as drivers of sector growth.