Renowned investor Mukul Agarwal has recently invested in Rite Water Solutions, an innovative and sustainable provider of clean water solutions. The company completed the second and final part of its series-B funding round on 10th February, raising Rs 32.5 crore. Gunavanth Vaid, known for his preference for SME and small-cap companies, also participated in the funding round.
Before this, Rite Water Solutions had raised 7.5 million euros in the first part of the series-B funding round from the Water Access Acceleration Fund (W2AF). W2AF is the world's first drinking water-focused private equity fund registered in France and is backed by investors such as Danone, BNP Paribas, the U.S. International Development Finance Corporation (DFC), the Danish development finance institution IFU, Norfund, Aqua for All, and the U.S. Agency for International Development. The fund is managed by Incofin, Belgium.
This recent funding brings Rite Water’s total capital raised to Rs 100 crore.
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About Rite Water
Rite Water Solutions provides innovative and sustainable clean water solutions. With its vision for a healthier world, the company aims to bridge the gap in access to safe drinking water through its diverse portfolio of projects in water treatment, wastewater management, solar pumping, and IoT applications.
We are given to understand that the capital raising aims to expand its reach and impact, bringing sustainable drinking water solutions. Rite Waters is gearing up to tackle the challenges of water scarcity and quality with a focus on rural regions of India thus contributing to “Transforming Bharat” which is its vision.
Socially responsible Investing
Some investors believe that water is getting traded and water scarcity is going to be a huge problem going forward with no solutions on hand. This problem is also expected to lead to huge sectoral opportunities as it is likely that the next big reform push will aim at “Smart Water Solutions”. Very few companies are working in this area. Investing in such companies can be rewarding as it is an example of socially responsible investing (SRI) or impact investing.
SRI also known as sustainable investing puts a premium on positive social change by considering both financial returns and moral values in investments. Such a strategy considers financial returns as a secondary objective once the investors’ moral values have been accounted for in the investment process.
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