The collaboration with Incofin’s W2AF, the world’s first fund dedicated to water, is a momentous accomplishment for Rite Water
Rite Water Solutions (India) Private Limited, specialising in potable water and water quality improvement solutions receives a first-of-its-kind investment of EUR 7.5 million from Incofin Investment Management’s Water Access Acceleration Fund (W2AF), a first in India as well as in the drinking water space.
Founded by Vinod Gaan, Chairman and led by Abhijeet Gaan, MD & CEO, Rite Water focuses on providing comprehensive, cost-effective and sustainable solutions for safe drinking water to habitations across India where water sources are chemically & biologically contaminated.
Incofin is an international Impact Investment Manager with 1.4 Billion assets under management (AUM) globally. In March 2023, Incofin launched its Water Access Acceleration Fund (W2AF) which is the first private equity fund for safe drinking water. The Water Access Acceleration Fund (W2AF) is an impact-first blended fund that invests in safe drinking water enterprises, primarily in Africa and Asia. Through equity investments, the fund aims to give access to safe drinking water to 30 million people by 2030 with total commitments of EUR 36 million. W2AF’s investors include Danone, BNP Paribas, the U.S. International Development Finance Corporation (DFC), the Danish development finance institution IFU, Norfund, and the U.S. Agency for International Development.
Abhijeet Gaan, Director and Chief Executive Officer of Rite Water, comments that “The collaboration with Incofin’s W2AF, the world’s first fund dedicated to water, is a momentous accomplishment for Rite Water. It highlights the latent potential in enterprises springing from India’s tier 2 cities. This alliance empowers us to expand our reach by bringing clean drinking water to millions of people in rural India. We aim to build a sustainable social venture that not only delivers millions of litres of safe water but does so profitably, creating long-term value for all its stakeholders in the process”
Dina Pons, Managing Partner of Incofin and Fund Manager, W2AF, further adds, “Through this landmark investment, W2AF and Rite Water have formed a strategic alliance dedicated to providing safe drinking water to millions of households in low-income communities across India and beyond. We express our deep appreciation to the committed and skilled Rite Water team for their exceptional work so far. Together, we are steadfast in our common ambition to provide 50 million litres of drinking water every day by 2028. We have witnessed an emergence of water enterprises coming up in markets like Africa, India and other parts of Asia and we are confident that we will be able to expand our outreach and build on sustainable technology interventions for safe drinking water at the ground level.