Matrix injects $4m in Waterlife India
Matrix Partners India has invested INR220 million ($4.2 million) in drinking water supplier Waterlife India.
The capital injection will help the company realize its aim of becoming the biggest player in the potable water solutions segment in India.
Avnish Bajaj, co-founder and managing director of Matrix India, said: "We believe water will remain a high growth sector driven by strong government focus and socio-economic relevance of water as a resource."
Waterlife, which represents Matrix's second investment in the sector, impressed the venture capital firm with its innovative business model and the perceived high quality of its management team.
"We are very impressed with Matrix's deep understanding of the water sector," added Sudesh Menon, managing director of Waterlife India.
Menon founded the company alongside Mohan Ranbaore and Indranil Das in 2009. Waterlife India has installed contamination removal units, community water systems and mobile water units in more than 1,500 villages and urban areas, first in West Bengal and Uttar Pradesh and later expanding across six Indian states.
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