HT Syndication
Mumbai (Maharashtra) [India], July 9: Neev II Fund (managed by SBI Ventures Limited – a State Bank of India group firm), a number one local weather and sustainability targeted SME fund, introduced its funding into RETAS Enviro Solutions Private Limited (‘Retas’). RETAS, is a climate-tech firm, based in 2017 by Neeraj Chauhan, Ankit Magan and Priyank Jain. RETAS focuses on modular rainwater harvesting and disaster-resilient infrastructure options addressing city flooding and water shortage challenges, with a patented product referred to as Rainmaxx tanks. Through its sturdy design experience and execution functionality, RETAS has change into a number one firm on this sector.
Water shortage is a generally acknowledged situation in India. While being residence to 18% of the worldwide inhabitants, India possesses simply 4% of the world’s freshwater sources. As per Central Water Commission (CWC), India receives ~4,000 bn cubic meters (CBM) of rainfall yearly, however solely a mere 8% of that’s captured effectively resulting from elements comparable to faulty pipelines, restricted or ageing infrastructure, and lack of RWH methods additional including to India’s water disaster.
To deal with this, RETAS has developed a patented modular box-structure referred to as Rainmaxx tanks, constructed from 100% recycled polypropylene. The tank will be assembled to assemble underground RWH buildings and seize and retailer floor rainwater together with facilitating managed infiltration for groundwater recharge and to assist on-site reuse of collected water. The Company’s options are used throughout roads, highways, manufacturing services, business areas and different public infrastructure.
Through its operations to this point, RETAS has efficiently captured and saved greater than 75 billion litres of rainwater. With enhanced entry to capital sources, the corporate is positioned to considerably develop its geographical presence, deploy new appropriate merchandise, thereby considerably rising groundwater recharge capability and bettering on-site water availability throughout its operational areas.
This funding by Neev II Fund enhances the rising give attention to water sustainability & local weather resilience in India and can assist Retas’s development plans, know-how improvement, and growth of its market attain.
Prem Prabhakar, MD & CEO, SBI Ventures Ltd, stated: ‘SBI Ventures is dedicated to catalyzing sustainable local weather options that deal with India’s urgent water challenges. Retas’s revolutionary modular rainwater harvesting tanks present an impactful answer to groundwater depletion and concrete flooding. Our funding beneath the Neev II Fund displays our dedication to assist applied sciences that not solely preserve water but in addition construct resilient infrastructure very important for communities’ well-being and local weather adaptation.’
Akshay Panth, CIO, Neev Funds shared: ‘Our funding in RETAS aligns completely with our technique to nurture technology-led local weather initiatives with vital environmental and social impression. The patented Rainmaxx tanks symbolize a breakthrough in modular, scalable water administration options. We sit up for collaborating carefully with RETAS to amplify its attain and contribute in direction of India’s water safety and sustainability targets.’
Neeraj Chauhan, Co-founder & CEO, RETAS Enviro Solutions, stated: ‘We are thrilled to accomplice with Neev II Fund as we scale our imaginative and prescient to make rainwater harvesting a mainstream answer throughout India. Our merchandise and choices empower communities and industries to handle water extra sustainably, scale back dependence on overstressed groundwater, and construct resilience towards city flooding. This funding accelerates our mission to contribute meaningfully to India’s water safety and local weather adaptation panorama.’
About SBI Ventures Ltd. (Formerly referred to as SBICAP Ventures Limited): SBI Ventures Ltd. is an alternate asset supervisor based mostly in India, belonging to the State Bank of India Group and manages funds throughout non-public fairness, actual property, and fund of funds mandates.
Neev Funds: Neev I Fund and Neev II Fund are non-public fairness funds managed by SBI Ventures. The funds supported by reputed international and home buyers such because the European Investment Bank (EIB), Japan International Cooperation Agency (JICA), Govt of United Kingdom, State Bank of India Group (SBI), Small Industries Development Bank of India (SIDBI) and Self Reliant India (SRI) Fund. Neev Fund I, launched in 2015 has invested into 10 firms in various clear power, agri provide chain and social infrastructure sectors. Neev II Fund is the successor fund launched in June 2021 that seeks to supply development and growth capital to firms providing options for clear power, electrical autos, environment friendly use of uncooked supplies, and water and round economic system tasks within the nation.
About RETAS: Founded in 2017 by Neeraj Chauhan, Ankit Magan, and Priyank Jain, RETAS develops disaster-resilient water infrastructure with patented modular rainwater harvesting tanks constructed from recycled polypropylene. RETAS addresses India’s water shortage and concrete flooding challenges via revolutionary and sustainable water administration options, serving shoppers throughout residential, business, and industrial sectors.
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