ImpactAlpha, October 16 – Rite Water makes and installs water purification systems in parts of rural and urban India that lack access to clean drinking water. The company, located in the central Indian city of Nagpur, has set up more than 2,500 units serving two million people.
Belgian impact investor Incofin invested €7.5 million ($7.9 million) in Rite Water from its Water Access Acceleration Fund, a blended finance fund that will invest in water kiosks, technologies and piping in Africa and Asia.
Water, whether “too little, too much or too dirty,” is an increasingly urgent environmental and social issue worldwide. Yet less than 2% of impact venture capital over the past five years has gone to startups in water and sanitation.
Incofin in March raised €36 million of its targeted €70 million water access fund. The firm wants its water investments to reach 30 million people and to provide 50 million liters of drinking water daily by 2028.