US-based Tricolor Cleantech Capital to invest up to $5 mn in JanaJal
US-based social impact fund Tricolor Clean Capital has committed to invest up to $5 million (around Rs 33 crore) into hybrid drinking water dispenser maker JanaJal, the company announced in a statement.
The investment will be made in a staggered mode over the next two-three years and will help JanaJal to expand pan India. The company will use the funds to install more water ATMs at railway stations in India through IRCTC, besides other cities, the press note added. The company has also recently secured a contract to install 39 water ATMs at various railway stations in Mumbai and will commission these by 31 March 2017.
“We believe that the vision and execution capability of the management team at JanaJal is time-tested and proven,” said Douglas Vaughn, managing partner at Tricolor Cleantech Capital.
Tricolor Cleantech Capital is firmly focused on the social sector in India, particularly investments in safe drinking water.
Founded in 2013 by brothers Parag and Anurag Agarwal, JanaJal is an initiative of Delhi-based Supremus Group. It is essentially a national undertaking to deliver clean, safe drinking water through automated hybrid water ATMs. This initiative has also been recognised by the government of India as part of the Swachh Bharat Abhiyan project.