Rite Water Solutions raises Rs 32.5cr in Series B for clean water technologies

Rite Water Solutions has successfully closed the second and final part of its Series B funding round, amassing an investment of INR 32.5 crore from a distinguished group of investors. The funding round witnessed significant contributions from Mukul Agrawal, a celebrated figure in the Indian stock market, and Gunavanth Vaid, a renowned MSME investor, among others, including Abhiraj Jalota who also offered advisory support for this round.

This landmark achievement follows closely on the heels of Rite Water’s initial Series B funding installment, which amounted to 7.5 million euros, led by the Water Access Acceleration Fund (W2AF), the pioneering drinking water-focused private equity fund based in France. W2AF, supported by global giants such as Danone, BNP Paribas, and the European Investment Bank, underscores the significant international interest in Rite Water’s mission to provide sustainable clean drinking water solutions.

Rite Water Solutions has emerged as a leader in the clean drinking water sector, expanding its expertise to include solar pumping projects, IoT-based innovations, and wastewater treatment. With the latest funding, Rite Water’s total capital inflow reaches an impressive INR 100 crore, setting a solid foundation for the company’s ambitious expansion plans across India.

Abhijeet Gaan, Managing Director and CEO of Rite Water, expressed his optimism about the impact of the new funds: “These funds will be instrumental in scaling up our operations significantly and will help the company in establishing a solid foundation for the next orbit change. Our focus will be on delivering cutting-edge and innovative water solutions across India.”

Vinod Gaan, Chairman of Rite Water, highlighted the importance of the investors’ support: “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.” He emphasized the company’s goal to expand its impact by bringing climate-resilient sustainable water solutions to communities in need, especially in rural India.

The infusion of capital is set to catalyze Rite Water’s mission to tackle water scarcity and quality issues, focusing on delivering accessible, safe, and sustainable drinking water solutions. This move is crucial for enhancing the health and quality of life in India’s rural areas, aligning with Rite Water’s vision of “Transforming Bharat” through innovative water management solutions.

The successful closure of Rite Water Solutions’ Series B funding round is a testament to the growing recognition of clean water as a pivotal area for investment and innovation. By leveraging the latest in technology and sustainable practices, Rite Water is poised to make significant strides in addressing water scarcity and pollution, issues that are increasingly pressing in the face of climate change and rapid urbanization.