Rite Water Solutions, which focuses on clean drinking water technologies, has expanded its capabilities to include solar pumping projects, IoT-based innovative solutions, and wastewater treatment
Rite Water beneficiaries availing affordable drinking water from one of its Water Purification Plant. (Credit: Rite Water Solutions/ Business Wire India)
Rite Water Solutions has completed the second and final stage of its series-B funding round, securing an investment of INR325m ($3.92m) from a consortium of investors. Among the notable participants are esteemed investor Mukul Agrawal, renowned for his contributions to the Indian stock market, and Gunavanth Vaid, a respected investor specialising in MSMEs. Additionally, the round also welcomed contributions from Abhiraj Jalota, who provided advisory support throughout the process.
This achievement builds upon Rite Water’s recent fundraising success, which included securing €7.5m in the initial phase of its series-B funding round. This investment was facilitated by the Water Access Acceleration Fund (W2AF), the world’s premier private equity fund dedicated to improving access to drinking water, headquartered in France. Notable investors in W2AF include Danone, BNP Paribas, the US International Development Finance Corporation (DFC), the Danish development finance institution IFU, Norfund, Aqua for All, the U.S. Agency for International Development, and the European Investment Bank. These investments are managed by the global impact asset manager, Incofin Investment Management.
Rite Water Solutions, recognised as a frontrunner in clean drinking water technologies, has expanded its capabilities to include solar pumping projects, IoT-based innovative solutions, and wastewater treatment. With the infusion of funds from the Series B funding round, Rite Water has amassed a total capital raised of INR1bn, further fortifying its position in the market.
Abhijeet Gaan, the Managing Director and CEO of Rite Water, emphasised that these funds will play a crucial role in substantially expanding the company’s operations. Additionally, they will contribute to establishing a robust foundation for the company’s next phase of evolution. The primary objective will be to provide state-of-the-art and innovative water solutions throughout India, leveraging the substantial investment potential and growth prospects within the sector.
Rite Water chairman Vinod Gaan said: “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.
“With these resources, we’re poised to expand our reach and impact, bringing climate-resilient sustainable water solutions to the communities in need.”
The influx of capital will empower Rite Water to expedite its mission of offering accessible, safe, and sustainable drinking water solutions. With a dedicated focus on rural areas of India, the company aims to address the pressing challenges of water scarcity and quality. By doing so, Rite Water endeavours to create a healthier environment and enhance the quality of life for residents, aligning with its overarching vision of “Transforming Bharat”.