Nagpur-headquartered Rite Water Solutions (India) Pvt Ltd (Rite Water) has raised an undisclosed amount from SIDBI Venture Capital’s Samridhi Fund, the company said in a statement.
Rite Water specialises in potable drinking water and water quality improvement solutions for safe drinking water to habitations across India. The firm has its operations across Maharashtra, Madhya Pradesh, Chhattisgarh and Bihar.
The company currently provides contamination free safe drinking water to more than two lakh villages every day and has already set up over 120 community water centers with water treatment plants.
Think Capital Pvt Ltd acted as an exclusive financial advisor to Rite Water on this deal.
Samridhi Fund focuses on social enterprises in eight states—Bihar, Uttar Pradesh, Madhya Pradesh, Odisha, Chhattisgarh, Jharkhand, Rajasthan and West Bengal.
The fund aims to invest in the MSME sector and provide financial assistance to companies that have projects with a developmental impact.
Last year, it invested in three companies including- Shikhar Dairy Pvt Ltd, Glocal Healthcare Systems Pvt Ltd and Gramco Infratech Pvt Ltd.
This is the second investment by Samridhi Fund this month. It had also invested $3 million in Bhubaneswar-based Kanungo Institute of Diabetes Specialties.