Waterlife India Private Limited (Waterlife) announced that it has received an investment of INR22 crores (~US$4.2m) from Matrix Partners India. Beyond Profit‘s publisher Intellecap was the sole advisor for this transaction.
Waterlife is a pioneer in providing high quality potable water solutions to the underserved in an affordable and sustainable manner. It has installed safe water systems in more than 1,500 villages and urban areas reaching more than one million people.
“This capital infusion provides Waterlife the growth capital to expand its scale in the underserved potable water space. We started our work in West Bengal and Uttar Pradesh, and presently work in six states to provide potable water solutions. We are now poised to emerge as the leading player in this segment across India. We are very impressed with Matrix’s deep understanding of the water sector and are very pleased to have them as our partner,“ said Sudesh Menon, Managing Director of Waterlife India Private Limited.
Anurag Agrawal, Co-Founder and Senior Vice President of the Investment Banking division at Intellecap, had this to say: “We are delighted to partner with Waterlife as it is one of those rare business models that has successfully demonstrated that it is possible to create true triple bottom-line returns and create tangible large scale impact on the ground in rural India. We’re confident this is just the start of many paradigm shifting achievements for Sudesh and his team.”
“It is our privilege to be associated with the Promoter team of Sudesh Menon, Mohan Ranbaore & Indranil Das. We believe Water will remain a high growth sector driven by strong government focus and socio-economic relevance of water as a resource. We believe Waterlife with its innovative business model complemented by a high quality management team is set to emerge as a leader in the potable water segment,” said Avnish Bajaj, Co-Founder & Managing Director of Matrix India.
Waterlife won the prestigious Sankalp Award this year in the Health, Water and Sanitation category.