Ayush Jha, Co Founder & CEO, Clairco
Bajaj Capital Chairman and Managing Director Sanjiv Bajaj led the angel funding in the clean tech startup Clairco, raising Rs 4.2 crore. Investors such as Max Group and Angel List also participated in the funding round.
The fresh infusion of funds will be used for product development, growth and hiring. "This investment will help us build the core team and enhance R&D capabilities," Aayush Jha, Co-founder and CEO, Clairco said in a statement. "We have grown 5x FY20-21 and will continue to grow by adding more geographies. We are managing clean air at 2.5 Mn. sq.ft. at the moment and aspire to grow 10x by the next year.”
Founded in 2018 by Aayush Jha and Udayan Banerjee, Clairco is an Internet of Things (IoT) startup that has taken on the global menace of air pollution and the lack of comprehensive economical solutions around it to introduce a patented process of air purification that offers clean air as a service by charging a monthly fee on the lines of a SAAS model. The company has developed this patent-pending air purification system in-house.
The Bengaluru-based startup has clients including Brigade, WeWork, Emaar, Brookfield, Capita Land and Max Group. This fundraise will help them launch in the Middle East and expand globally in the near future, according to a statement by the company.
"I was impressed that Clairco takes away the need for the capital requirement and the hassle by providing clean air as a service with real-time air quality monitoring, where the companies have to shell out a very small amount as a part of maintenance month on month," Bajaj said.
"This is the future; we have seen many large buildings and corporations move to Clairco as they now understand that this is a high maintenance service with ever evolving technology, I wish Clarico and its team all the very best and successful journey ahead.”
Air pollution in India is a serious health issue. According to a report by WHO, of the most polluted cities in the world, 21 out of 30 were in India in 2019. At least 140 million people in India breathe air that is 10 times or more over the WHO safe limit and 6 of the world's 10 cities with the highest annual levels of air pollution are in India.
Clairco claims that the zero apex business model makes them much more affordable than existing industry solutions, the costs on a 7 year term with their product, is lesser than others. The company further says that they can convert existing air ventilation units into air purification systems through their unique combination of low drag filters and AI/ML based decision-making systems with no downtime on HVAC systems.