Rite Water Solutions has successfully concluded its second and final phase of funding, securing an investment of INR 32.5 crore from an eminent group of investors. The funding round saw participation from ace investor Mukul Agrawal, a prominent figure in the Indian stock market, and Gunavanth Vaid, a respected MSME investor. Also involved was Abhiraj Jalota, who served as an advisor in this round, alongside other contributors.
This significant milestone comes on the heels of Rite Water’s recent fundraising of 7.5 million euros in the initial phase of its Series B funding round. The funds were secured from the Water Access Acceleration Fund (“W2AF”), which stands as the world’s premier private equity fund dedicated to drinking water. Noteworthy investors in W2AF include Danone, BNP Paribas, the 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 the European Investment Bank. These investments are managed by the globally renowned impact asset manager, Incofin Investment Management.
Rite Water Solutions, a frontrunner in clean drinking water technologies, has expanded its capabilities to include solar pumping projects, innovative solutions based on IoT, and wastewater treatment. With the Series B funding, Rite Water has now amassed a total capital of INR 100 crore.
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“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,” he added.
Abhijeet Gaan, the Managing Director and CEO of Rite Water, emphasized that these funds will serve as a crucial catalyst in substantially scaling up the company’s operations and setting the stage for its next phase of growth. The primary objective will be to provide cutting-edge and innovative water solutions across India, capitalizing on a sector poised for significant investment and expansion.
With the infusion of capital, Rite Water is set to accelerate its mission of providing readily available, safe, and eco-friendly drinking water solutions. With a focus on rural areas in India, the company aims to address water scarcity and quality challenges, ultimately contributing to a healthier environment and improved quality of life for residents. This initiative aligns with the company’s overarching vision of “Transforming Bharat,” bringing it closer to realization.
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