India Compute Interchange announces launch of initial trades

India Compute Interchange (ICI), a new financial marketplace for Indian cloud service providers and enterprise organizations to trade computing resources, on Friday announced its launch in India with successful initial trades.

A joint venture between Chicago-based Universal Compute Exchange (UCX) and India based SCAD Consultants, the financial marketplace will enable organizations to buy and sell compute processing power as a utility and help in fulfilling Prime Minister Narendra Modi’s Digital India initiative.

“India will show the rest of the world the importance of understanding cloud consumption and production. Digital, Green India is not a dream; it is today’s reality, and ICI is an important piece of the puzzle to achieve that goal”, UCX founder Adam Zeck said in a statement.

The marketplace brings enterprises, government ministries and cloud service providers together to engage in price discovery, trade execution and the physical delivery of compute resources providing operational agility and capital and market efficiencies never seen before.

The ICI team has been assembled by Bharat Swami, a practising surgeon and serial entrepreneur and Chintan Mehta, president of SCAD Group who has 20 years of legal and consultative experience. Swapon Adhikary has taken up the role of COO and Hemal Mewada has been designated as the director.

“ICI will not only create a central transparent marketplace for all cloud users but will maintain and trade only processing deemed green by governmental standards,” Swami said.