Clean water is and will always be a basic human right. However, an estimated 163 million people in India lack access to safe drinking water. With each passing day, industrial waste and chemical pollutants seep deeper into our water sources, posing an imminent threat to countless lives. As we know that water-related challenges are only going to increase, it’s important to prioritize water conservation. This is a colossal challenge that can’t be handled single-handedly, it needs a united collective action.
In this challenging era, the collaboration of Incofin and Rite Water Solutions stands as a beacon of hope. Their dedication to providing safe drinking water to millions brought them together for a EUR 7.5 million investment in clean drinking water. Incofin’s investment breathes life into Rite Water Solutions’ mission. Scroll below to learn more about this remarkable investment.
The Driving Force Behind Rite Water Solutions
Rite Water Solutions is propelled by two pivotal figures, Chairman Mr. Vinod Gaan and CEO Mr. Abhijeet Gaan. These leaders are the driving force behind the company’s mission to provide clean and safe drinking water. Mr. Vinod Gaan, the Chairman, brings more than 40 years of experience in business and entrepreneurship whereas Mr. Abhijeet Gaan is responsible for turning the company’s vision into reality. With a background in management, he leads the charge in implementing sustainable solutions for clean water.
Together, these leaders are a source of inspiration for the whole team to work toward offering clean and safe drinking water. But, this strong dedication isn’t just limited to the leaders, it runs through each member of the Rite Water Solutions team.
Rite Water’s Unwavering Mission
In 2023, the pursuit of safe drinking water continues to be a pressing challenge in numerous regions throughout India. It is at this juncture that Rite Water Solutions steps forward to address these obstacles. At the heart of Rite Water Solutions’ mission lies in providing accessible, affordable, and sustainable solutions for clean water. Lets have a look at the impact at a glance:
- Established over 5,200 community water purification plants in more than 5,100 villages.
- Purifies an astounding 10 million liters of water daily.
- Recycles 40 million liters of wastewater annually.
- Created livelihood opportunities for over 1,080 individuals.
- 400,000 households now have access to safe water.
- Empowered the lives of 144,000 women, furthering women’s empowerment.
- Laid 1,067 kilometers of drinking water pipelines.
Incofin Investment Management’s Role
Incofin Investment Management is a major international investment manager headquartered in Belgium. Incofin invests in developing countries, with a focus on financial inclusion, sustainable agriculture, and safe drinking water.
In 2022, Incofin launched the Water Access Acceleration Fund (W2AF), a EUR 36 million private equity fund that invests in water businesses in Africa and Asia. Their fund’s goal is to offer safe drinking water to 30 million people by 2030. The fund invests in a range of water businesses, including:
- Water treatment companies that are providing affordable, safe drinking water.
- Companies that are developing new water technologies to improve water efficiency and water pollution.
- Companies that are offering water and sanitation services in rural areas.
In October 2023, Incofin’s Water Access Acceleration Fund (W2AF) fund invested EUR 7.5 million in Rite Water Solutions. W2AF is the world’s first drinking water-focused fund and Rite Water Solutions is their first investment.
The Potential of the Rite Water Solutions and Incofin Partnership
The partnership between Rite Water Solutions and Incofin has the potential to create a significant positive impact on the availability of safe and affordable drinking water in better ways such as:
- Increased access to safe and affordable drinking water for millions of people around the world.
- Job creation and economic development in rural and underserved communities.
- Help the company to develop new technologies and practices to improve water efficiency.
- Create a positive impact on the millions.
- The partnership emphasizes sustainable solutions, including recycling wastewater, which has positive environmental effects.
A Journey of Commitment – 2006 to 2023
Rite Water Solutions’ remarkable journey, from its start to turning into a pivotal player is a pure testament to dedication and hard work. Founded in 2006 with a mission to provide safe and affordable drinking water, Rite Water Solutions has overcome several challenges to achieve this transformative goal.
In its early years, Rite Water Solutions focused on developing water purification technology. As the company grew, it began to develop larger-scale water purification systems. In 2010, Rite Water embarked on its maiden community water project. Since then, a string of successful initiatives has followed. Finally, 2023 brings forth a groundbreaking collaboration with Incofin Investment Management. This narrative beautifully illustrates the profound transformation that relentless dedication can bring about. As, Our CEO, Abhijeet puts it, we will work until every individual gains access to safe drinking water, regardless of whether it takes 5, 10, or 25 years.