Waterlife Gets $4.2 Million Investment from Matrix Partners India
Tuesday, December 13, 2011
Waterlife India Private Ltd (Waterlife) has announced that it has received Rs 22 crore investment from Matrix Partners India. The company provides quality potable water solutions.
The Hyderabad-based company has installed safe water systems in more than 1,500 villages and urban areas covering more than a million people in a sustainable manner, a release said.
Intellecap was the sole advisor for this transaction.
The capital infusion would help Waterlife to expand. Having started from West Bengal and Uttar Pradesh, the company operates in six states now. “We are aware of Matrix’s understanding of the water sector and hence to have them as our partner,” said Mr Sudesh Menon, Managing Director of Waterlife.
Promoted by Mr Menon, Mr Mohan Ranboare and Mr Indranil Das in 2008, Waterlife raised around Rs 1 crore from Aavishkaar India Micro Venture Capital Fund to start its operations. It has diversified into water systems for apartments, institutions, purification and contamination removal units and water supply schemes and mobile water units.
Waterlife has won the prestigious Sankalp Award this year in the Health, Water and Sanitation category.
Mr Avinash Bajaj, Co-founder and Managing Director, Matrix India said, “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.”