WEGoT Utility Solutions Pvt Ltd, an Internet of Things(IoT) based start-up focused on water management solutions, has raised $1.5 million (around Rs 11 crore) in strategic funding led by a bunch of investors including GRUHAS Proptech LLP, promoted by Abhijeet Pai of Puzzolana Group, the company said in a statement.
Other investors include Nikhil Kamath of Zerodha, Rahul Talwar of the DLF Family Office, and Harshad Reddy of the Apollo Hospitals Family, the statement said.
The funding round also saw participation from WEGoT’s existing investors HDFC Capital Advisory Ltd and the chief executive officer of Prestige Group, Venkat K. Narayana, it added.
The Chennai-based company said it will use the funds to strengthen its team, expand its footprint across India, and enhance existing product capabilities. The company is also planning to hire across teams.
Founded in 2015 by Vijay Krishna, Mohamed Mohideen, Abilash Haridass, Sundeep Donthamshetty and Selvakumar AB, WEGoT said it seeks to deliver integrated water management solutions to address the water crisis. The firm has created VenAqua, a sensor-based IoT device and a software platform that can be connected to water inlet pipes.
According to the statement, WEGoT has implemented over 1 lakh smart devices across 30,000 homes and over 40 million square feet of commercial real estate and has the visibility to scale to 10 lakh devices in the next 12 months. WEGoT's clients include Prestige Group, Godrej Properties, Brigade Group Mahindra World City, and Brookfield.
"With this fund raise, we will scale our tech stack that will help to further decrease the demand for water in buildings,” said Vijay Krishna, chief technology officer and co-founder of WEGoT.
In 2019, WEGoT raised $2 million (around Rs 15 crore) in seed funding round led by GoFrugal, Shyam Shekar from iThought, and Brigade Enterprises.
In similar deal in the space, Uravu Labs Pvt Ltd, a deep-tech startup focused on water renewables technology, raised an undisclosed sum in a seed funding round led by Speciale Invest earlier this month.