Watertech startup Boon has successfully raised $5 million in a Series A funding round, comprising a combination of equity and debt financing. The funding was led by Spain-based Roca Group Ventures, marking their inaugural institutional investment in India, alongside participation from other investors. Notably, Roca Group acquired Parryware in India back in 2008.
Previously, Boon secured $1.6 million in funding during its last round in February 2021. The newly raised capital will be utilized to scale Boon’s AI-enabled WaterIo platform, as stated in a press release by the company.
Founded in 2015 by Vibha Tripathy and Advait Kumar, Boon (formerly known as Swajal) harnesses patented technologies for predictive filter maintenance using AI, ensuring enhanced efficiency and reliability in water purification systems. The platform addresses the issue of plastic-packaged water with sustainable alternatives, utilizing technology to monitor water quality and filter health in real-time, purportedly at a lower cost than purchasing bottled water.
Based in Gurugram, Boon’s WaterIo product enables purifiers to monitor the quality of each drop of water, facilitating app-based adjustments for water quality. Boon collaborates with major offices, hospitals, universities, airports, and train stations to offer sustainable hydration solutions. Additionally, the company has introduced WaterATM as a community water purification station in India and provides sustainable glass water solutions for hotels.
Boon has garnered support from institutions such as the Department of Science and Technology (Government of India), the Rajasthan State Government, SIDBI, and international agencies including UNDP and REEEP.
