Boon raises $5M in Series A funding led by Roca Group Ventures
Formerly known as Swajal, Boon was co-founded by Dr Vibha Tripathi and Advait Kumar in 2015. The startup specialises in remote water purifying, monitoring, and dispensing solutions.
Watertech startup has raised $5 million in Series A funding in a mix of equity and debt. The round was led by Spanish Roca Group Ventures, the investment arm of Roca Group, with participation from other investors.
The newly-raised funds will be utilised to expand its AI-enabled WaterIoT platform, which helps purifiers to monitor the quality of water with app-based quality adjustments.
This investment also represents Roca’s first-ever investment into an Indian startup. Roca previously entered the Indian market by acquiring Parryware in 2008.
“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. Water is the most fundamental of human needs and rights, and capital deployment to enable innovation in hydration is going to be key for our future,” said Advait Kumar, Founder, Boon.
Formerly known as Swajal, Boon was co-founded by IIT Kanpur alumnus Dr Vibha Tripathi and PennState alumnus Advait Kumar in 2015. The startup specialises in remote water purifying, monitoring and dispensing solutions.
"We are excited on this first investment in an Indian startup with Boon. 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," said Roca Group Ventures in a statement.
Boon offers drinking water refilling solutions to the hospitality industry, allowing hotels to eliminate plastic bottles by refilling their own in sustainable packaging. Utilising patented technology, it tracks water quality and health of filters in real-time, providing a cost-effective alternative to purchasing plastic water bottles.
Currently, the startup has collaborated with major offices, hospitals, universities, airports, and train stations to provide sustainable hydration solutions.
Boon is supported by several Indian institutions, including the Department of Science and Technology (Govt of India), the Rajasthan State Government, and SIDBI. It is also backed by international agencies such as UNDP (United Nations Development Programme) and REEEP (Renewable Energy and Energy Efficiency Partnership).
Edited by Megha Reddy