Boon, an innovative WaterTech startup focused on water purification, monitoring, and dispensing products, announced on Wednesday that it has secured $5 million in a Series A funding round. The round, which is a mix of equity and debt, was led by Roca Group Ventures, the venture fund of Spanish bathroom products company Roca Group. This marks Roca Group Ventures’ first investment in an Indian startup.
Founded in 2015 by Vibha Tripathi and Advait Kumar, Boon, previously known as Swajal, offers drinking water refilling solutions for the hospitality industry, helping businesses avoid plastic bottles by providing sustainable packaging options. The startup also serves offices, hospitals, universities, airports, and train stations. Boon is supported by notable entities such as the Department of Science and Technology, the Rajasthan State Government, SIDBI, the United Nations Development Programme, and the Renewable Energy and Energy Efficiency Partnership (REEEP).
Advait Kumar, Founder of Boon, expressed his enthusiasm about the partnership and the funding: “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.”
With the new capital, Boon plans to scale its AI-enabled WaterIoTech platform, which enables water purifiers to monitor water quality in real-time.
Roca Group Ventures shared their confidence in Boon’s potential in a statement: “Their advanced approach to water purification with a clear inclination towards sustainability and technological innovation is commendable. We believe in Boon’s potential to revolutionise the WaterTech industry and we are eager to support their growth and expansion.”
Established in 2022, Roca Group Ventures focuses on startups developing innovative solutions that “increase productivity and improve the group’s value proposition to its customers.”
According to a 2022 Frost & Sullivan report, India’s water and wastewater treatment 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.
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