Rite Water Solutions Secures Rs 100 Crores to Accelerate Clean Water Initiatives
Feb 12, 2024
BusinessWire India
Nagpur (Maharashtra) [India], February 12: Rite Water Solutions has successfully concluded its second and final part of series - B funding round, securing an investment of Rs 32.5 crore from an eminent group of investors. The round saw participation from ace investor Mukul Agrawal, a prominent figure in the Indian stock market, and Gunavanth Vaid, a respected MSME investor and others including Abhiraj Jalota who also served as advisor to this round.
This significant milestone follows Rite Water's recent fundraise of 7.5 million euros [first part of series - B funding round] from the Water Access Acceleration Fund ("W2AF"), the world's first drinking water focused private equity fund registered in France. W2AF's investors include Danone, BNP Paribas, U.S. International Development Finance Corporation (DFC), the Danish development finance institution IFU, Norfund, Aqua for All, the U.S. Agency for International Development and European Investment Bank, managed by the global impact asset manager Incofin Investment Management.
Rite Water Solutions, a leader in clean drinking water technologies, has broadened its expertise to encompass solar pumping projects, IoT-based innovative solutions and wastewater treatment. The combination of the Series B funding brings Rite Water's total capital raised to Rs 100 crore.
Abhijeet Gaan, the Managing Director and CEO of Rite Water, stated that these funds would be instrumental in scaling up the company's operations significantly and will also help the company in establishing a solid foundation for next orbit change. The focus will be on delivering cutting-edge and innovative water solutions across India, a sector poised for significant investment and growth.
"We are thrilled to close this funding round with the support of such distinguished investors. Their belief in our mission reinforces our commitment to addressing the critical need for clean water across India," said Vinod Gaan, Chairman of the Rite Water. "With these resources, we're poised to expand our reach and impact, bringing climate-resilient sustainable water solutions to the communities in need."
The capital infusion will enable Rite Water to accelerate its mission to provide accessible, safe, and sustainable drinking water solutions. The company is gearing up to tackle the challenges of water scarcity and quality with a focus on rural regions of India, ensuring a healthier environment and improved quality of life for its inhabitants, and thereby moving forward in achieving its vision of "Transforming Bharat".
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