riidl Somaiya Vidyavihar Offers a Launchpad to the Cleantech Startup, INDRA for Series A with USD 4M Funding
BusinessWire India
Mumbai (Maharashtra) [India], April 11: INDRA, co-founded by Krunal Patel, an alumnus of K J Somaiya College of Engineering, along with his co-founder, Amrit Om Nayak, in 2017 solves issues of water treatment in the industrial and sewage segment with its patented electro-chemical oxidation and coagulation process. They've developed a proprietary water treatment solution - a plug-and-play system requiring 90 per cent less space compared to existing solutions while recovering up to 99 per cent of treated water.
The Indian market for water treatment is estimated to be worth USD 12 billion at the moment, and by 2030, it is projected to grow to USD 20 billion. With the current focus on industrial effluents from textiles, steel manufacturing, pharmaceuticals, chemicals, and sewage from hotels and commercial properties, INDRA's impact extends across sectors where the need for effective water treatment is paramount.
riidl Somaiya Vidyavihar has helped INDRA receive investment support from BIRAC Seed Fund, supported by Department of Biotechnology, Government of India, while connecting them to several investors and industries.
They began their startup journey with riidl Somaiya Vidyavihar by participating at the Bio-Entrepreneurship Program initiated by Bioriidl where they developed their initial prototypes, seeked mentorship, accessed the digital fabrication machinery like laser cutting machine along with R&D support. They carried out their first pilot at Somaiya's Maitreyi hostel (Girls hostel, Somaiya Vidyavihar campus) to validate their prototype. Through the mentor & investor connections, they were able to set up their manufacturing unit in Bhiwandi to scale up their production capacity.
One of their initial customers was Godavari Biorefineries Pvt Ltd from the Somaiya ecosystem. Some of the other end customers of INDRA include Unilever Oleochemicals (Indonesia), Taj Mahal Palace Hotel, IHCL (Mumbai), Gelnova Laboratories (Navi Mumbai), Orient Fashions (Noida), and many more.
In the initial days, to build prototypes and get early access to the market for pilot testing & customers, riidl Somaiya Vidyavihar has provided instrumental support resulting in over 1 billion litres of waste water being treated, ~4,500 tons less of sludge, reducing ~3,600 tons less of harmful chemicals, and producing more than 850 tons less of greenhouse gases as compared to conventional chemical and biological water treatment solutions.
The smart cleantech startup, INDRA has recently raised its Series A funding of USD 4 million led by Emerald Technology Ventures and Mela Ventures, headquartered in Switzerland to create an impact on over 5,00,000 lives and counting. The investment round also saw participation from Peak Sustainability Ventures and The Climate Angels.
Not only that, INDRA has received several grants and fund support from prestigious programs like NIDHI Prayas, NIDHI Seed Support System & CAWACH, supported by Department of Science & Technology and BIRAC Seed Fund, supported by Department of Biotechnology, Government of India. INDRA's successful fundraising will help the startup in rigorously addressing the global challenge of wastewater management by joining hands with leading investors in the cleantech space.
"We ran a six-month pilot at Maitreyi's hostel (Girls hostel at the Somaiya Vidyavihar in Mumbai). The campus already had a conventional sewage system, but our system was one-seventh its size. We could process 25,000 litres of wastewater every day. That's when we decided to upgrade and make our solution commercially scaleable, through continuous support from riidl Somaiya Vidyavihar's ecosystem," said INDRA Co-Founder, Krunal Patel.
"Solving the wastewater treatment challenge needs continuous innovation and relentless commitment. We are excited to drive the world's transition towards sustainable water management thus potentially saving up to 75 per cent of net carbon emissions in the process as compared to conventional chemical and biological processes," said INDRA Co-Founder, Amrit Om Nayak.
Gaurang Shetty, Chief Innovation Catalyst at riidl Somaiya Vidyavihar added, "Wastewater treatment is a pressing problem demanding urgent global attention. I am very excited as INDRA solves this challenge comprehensively with minimal infrastructure and space requirements, in a sustainable manner achieving the Sustainable Development Goal 6 by the United Nations."
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