Uravu Labs, a Bangalore based startup focused on building a renewable water infrastructure, has recently announced its seed round of funding. The lead investor in the round was Anicut Capital and it was co-led by Rocketship.vc and Speciale Invest. The company also received participation from investors like Vesta (France), Venture Catalysts (India), Verso Holdings (Luxembourg), Spectrum Impact (India), Echo River Capital (US) and other angel investors from India, the US and the Middle East.
The company plans to utilise the capital to scale its 100% renewable water technology. Their unique technology harnesses inexhaustible atmospheric moisture and uses only renewable energy to produce high-quality drinking water. The industrial-scale and affordable solution has the ability to transform various markets – primarily the beverage industry, real estate and hospitality sectors, and will be commercialised by 2023.
Founded in 2019 by Pardeep Garg, Swapnil Shrivastav, Venkatesh R, and Govinda Balaji, Uravu Labs is dedicated towards bringing the next water revolution. Uravu Labs is thus eyeing to expand its team in R&D, engineering, marketing and business development roles to support its growth and commercialisation in the next two years through the new funds.
The company has signed beverage giants such as AB InBev and Radico Khaitan as customers and is reaching out to many more beverage and commercial customers in the Indian, Southeast Asian, Middle East, and Japanese markets. The fresh funding will build the path for further expansion in these geographies. The company also plans to work with strategic government and CSR partners to reach drought-stricken remote areas in India and Africa by next year.
Speaking on the announcement, Dr. Pardeep Garg, CEO and Co-founder, Uravu Labs said, “The seed investment will enable Uravu to accelerate its ongoing work of minimising the stress on groundwater. It will further enable us to mitigate resource depletion by converting abundantly available air into water using only renewable energy. With field pilots already out, the company is aiming to rapidly test and scale the solution with key customers.” presenting the startup’s determination to help nature and the communities getting affected daily.
On the seed funding, lead investor Ashvin Chadha, Managing Partner, Anicut Capital said, “The Uravu Labs team has embarked on a unique and impactful journey to revolutionise renewable water technology. They bring a rich experience of delivering on clean technology and mobilising the commercialization of the same for industry. With their remarkable innovation and technology stakeholders can adapt, maintain, and thrive on an enriching agenda of renewable water infrastructure. Our support to Uravu Labs comes in the wake of our renewed focus to build on the sustainability momentum for the wider industry and to continuously strengthen and encourage startups aiming to change the status quo.” while stating his trust in the company and the product.
“The concept of 100% renewable water is groundbreaking and we were excited by the progress that the team has made. We believe that Uravu and renewable water will be an important part of our efforts to tackle climate change,” added Sailesh Ramakrishnan, Partner, Rocketship.vc validating the good news.
