Matrix India invests in water company
Matrix Partners India has recently announced that it has invested INR60 crore ($13.5 million) as the sole investor in the first institutional round of funding of Chetas Control Systems Private Limited (Chetas).
Chetas is a leading provider of turnkey water metering solutions to Municipal Corporations & Water Boards (water utilities) in India. According to Matrix India, Chetas is the only company to have the credentials of completing 400,000 installations of domestic & bulk water meters in India. The company was recently awarded with the UNESCO Water Digest Award 2010-2011 for the Best Water Instrumentation & Automation Company in India.
Commenting on the funding, Chetas' Managing Director, Mahesh Deskmukh said the new capital will be used to bid for larger projects and further enhance Chetas' leading position.
"Our experience working closely with water utilities combined with our technological capability puts us in a unique position of strength in the water sector which is a critical area of focus for the infrastructural and social development of India. We would now like to extend this capability to achieve our vision of becoming a leading water utility operator in the country," said Deskmukh in a statement.
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