WaterTech startup Boon raises Series A funding led by Roca Group Ventures, aims to scale AI-enabled water purification solutions and expand internationally
Introduction:
Boon, a Gurugram-based watertech startup, has successfully raised $5 million in a Series A funding round, marking a significant milestone in its journey to transform the water purification industry. The round, which combines equity and debt, was spearheaded by Roca Group Ventures, the investment arm of Spanish bathroom products company Roca Group. This investment not only bolsters Boon’s financial position but also signifies growing international interest in India’s innovative watertech solutions.
Founded in 2015 by Vibha Tripathy and Advait Kumar, Boon (formerly known as Swajal) has been at the forefront of developing sustainable and technologically advanced water purification systems. The startup’s mission to replace plastic packaged water with more eco-friendly alternatives has garnered attention from both domestic and international investors.
The $5 million infusion comes at a crucial time for Boon, which had previously raised $1.6 million in February 2021. This latest funding round represents a substantial leap in the company’s financial backing, providing the resources needed to accelerate its growth and innovation efforts.
Boon plans to utilize the fresh capital to scale its AI-enabled WaterIoT platform, a cutting-edge solution that enables real-time monitoring of water quality in purification systems. This technology allows for app-based quality adjustments, ensuring high efficiency and reliability in water purification processes. By leveraging artificial intelligence and IoT capabilities, Boon aims to make purified water more accessible and affordable than traditional bottled water options.
Advait Kumar, Co-founder of Boon, expressed enthusiasm about the funding and the company’s mission, stating, “Water has taken a back seat and lately it has been feeling like we are passive spectators when it comes to water quality, plastic bottles, or microplastics in drinking water. We are very excited to have partnered with Roca in our efforts to challenge the status quo of drinking water.”
The investment from Roca Group Ventures is particularly noteworthy, as it marks their first foray into the Indian startup ecosystem. A representative from Roca Group Ventures commented on the decision, saying, “We are excited about this first investment in an Indian startup with Boon. Their advanced approach to water purification with a clear inclination towards sustainability and technological innovation is commendable. We believe in Boon’s potential to revolutionize the WaterTech industry and we are eager to support their growth and expansion.”
Boon’s innovative approach extends beyond its WaterIoT platform. The company has also introduced the WaterATM, a community water purification station in India, and provides sustainable glass water solutions for the hospitality industry. By working with major offices, hospitals, universities, airports, and train stations, Boon is steadily expanding its reach and impact in providing sustainable hydration solutions across various sectors.
The startup’s efforts have not gone unnoticed by key institutions and international agencies. Boon has received support from the Department of Science and Technology (Government of India), the Rajasthan State Government, and the Small Industries Development Bank of India (SIDBI). Additionally, international organizations such as the United Nations Development Programme (UNDP) and the Renewable Energy and Energy Efficiency Partnership (REEEP) have backed Boon’s initiatives, underscoring the global recognition of its potential impact.
The recent funding round comes at a time when India’s water and wastewater treatment market is poised for significant growth. According to a 2022 Frost & Sullivan report, the market is expected to reach $2.08 billion by 2025, growing from $1.31 billion in 2020 at a compound annual growth rate of 9.7 percent. This projected growth highlights the increasing demand for innovative water treatment solutions in India and positions Boon favorably to capture a significant share of this expanding market.
For the Indian startup ecosystem, Boon’s success in securing international investment is a positive signal. It demonstrates the growing appeal of Indian watertech startups to global investors and highlights the potential for innovative, sustainability-focused solutions to attract significant funding. This could potentially pave the way for more international investments in the Indian watertech sector and related industries.
As part of its growth strategy, Boon is also setting its sights on international expansion, particularly targeting the North American market. This move could potentially open up new opportunities for the company and further establish Indian startups as global players in the watertech industry.
Conclusion:
In conclusion, Boon’s $5 million Series A funding round represents a significant milestone not only for the company but also for India’s watertech sector. By focusing on innovative, AI-driven solutions for water purification and sustainable packaging, Boon is well-positioned to address critical environmental challenges while tapping into a growing market. As the company scales its operations and expands internationally, it has the potential to make a lasting impact on water purification technologies and contribute to the reduction of plastic waste globally. For the Indian startup ecosystem, Boon’s success serves as an inspiring example of how combining technological innovation with sustainability can attract substantial investment and support, both domestically and internationally.
