Swajal Raises $1.6 Mn In Pre-Series A Funding Round From RVCF, And Others
Free Book Preview Money-Smart Solopreneur
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Gurugram-based watertech startup Swajal on Thursday announced securing its pre-series A funding of $1.6 million from Rajasthan Asset Management Company Pvt. Ltd (RAMC) through RVCF III, India growth fund and a group of investors led by Pramod Agarwal, ex-CFO, P&G.
The startup now aims to accelerate the adoption of artificial intelligence (AI)-powered sustainable water solutions in India while minimizing plastic usage across segments.
“We manufacture our systems locally in India,” said Dr. Vibha Tripathi, chief executive officer, Swajal. “This allows us to tightly control our products and innovate with a quick turnaround time. For the past years, we have focused on the drinking water needs of the bottom of the pyramid. Now, we are on our way to usher in a new generation of potable water solutions and reduce the reliance on plastic water. The latest funding round will help us further this vision with greater ease.”
The startup has deployed its premium offerings across railway stations, airport lounges, hospitals, and multinational companies alongside others. Therefore, it is minimizing the reliance on plastic bottles in India via its innovative offerings such as Water ATMs.
The platform will use its proceeds from the RVCF-III-led funding round for innovation and research to make drinking water more accessible, sustainable, and plastic-free.
Its watertech platform ‘Clairvoyant’ allows the company to manage all of its purification systems effectively and use AI-enabled analytics to maintain them without downtimes. Clairvoyant was developed by Swajal’s in-house department of scientific and industrial research (DSIR) accredited research and development (R&D) facility in Gurugram.
“We are pleased to invest in the water segment with Swajal, where we believe technology and innovation are going to be incredibly important in the coming years as our society and economy transforms,” added Ravi Mathur, vice president, RVCF.
Plastic is not just damaging our environment, we may also be damaging our health by drinking micro-plastics. In the last six months, using the COVID-19 lockdown for designing and prototyping, the company has launched two new products for the corporate and hospitality segments.