Devic Earth Pvt Ltd, a startup focussed on air-pollution control equipment, has raised Rs 10 crore (approximately $1.36 million at current exchange rates) in its first institutional funding round.
Bengaluru-based Devic Earth has raised this capital from Blue Ashva Sampada Fund, which is managed by India- and Singapore-based investment firm Blue Ashva Capital.
Devic Earth was set up in 2018 by Srikanth Sola. The company says it is focussed on eradicating health and environmental problems caused by pollution.
It uses its intellectual property to offer products that are both scalable and sustainable. These include ‘Pure Skies’, an air purifier that Devic Earth claims can remove between 40% and 50% of nanoparticles smaller than 20 microns.
The company will use the capital it has raised to accelerate its growth and product roadmaps, and increase operational presence in global markets, it said in a statement.
“Its (Pure Skies’) ability to solve air pollution at scale for cities and large outdoor areas, factories and industries would find application globally. Truly an Indian innovation ready to solve the global challenge of air pollution,” Blue Ashva Capital founder and chief executive officer Satya Bansal said.
Devic Earth says Pure Skies has been installed with companies operating in sectors including steel, cement, hotels, mining, and manufacturing. It claims the product also addresses challenges arising out of polluting events such as crop burning, forest fires, and construction.
The Blue Ashva Sampada Fund marked its first close in July last year, receiving commitments of Rs 454 crore (around $60.86 million) from limited partners (LPs) including family offices and high net-worth individuals (HNIs).
The fund - registered with the Securities and Exchange Board of India as a Category-II alternative investment fund - has a target corpus of Rs 400 crore with a greenshoe option of Rs 200 crore.
Blue Ashva Capital had said the fund would aim to invest in small and medium-sized enterprises in sectors such as financial services, healthcare, consumer, and manufacturing. Investments would be made via debt, equity, or a combination of the two.
Bansal is a financial services veteran. According to his LinkedIn page, he served as the CEO of Barclays India’s private banking division prior to setting up Blue Ashva. Other firms he has been associated with include ICICI Bank and debt restructuring and turnaround advisory firm Brescon Advisors.