WEGoT acquires $1.5 million from Nikhil Kamath-backed Gruhas Proptech, others
By siliconindia | Friday, 07 January 2022, 03:31 Hrs
WEGoT Utility Solutions, a maker of smart water meters, has raised $1.5 million in a funding round led by Gruhas Proptech, a firm backed by Abhijeet Pai of Puzzolana Group and Nikhil Kamath of Zerodha.
Existing investors of the Chennai-based startup, such as HDFC Capital Advisory Ltd. and Prestige Group, also participated in the fundraising, as did Rahul Talwar of DLF Family Office and Harshad Reddy of Apollo Hospitals Family.
The capital will be used for deploying 10 lakh water management devices in 2022.
"We have about one lakh devices that are on the field, and we expect to increase this to about 10 lakh devices in 2022," Abilash Haridass, cofounder and chief executive officer of WEGoT Utility Solutions said. "With that kind of scale, you need to be able to provide customer excellence. So operational excellence is something that we're going to also focus on through tools that we build.”
Haridass said the fundraise was done with two intentions—
• to scale faster while getting the credibility of being backed by industry leaders, and
• to help build operational excellence in order to scale in an organised fashion.
Further, the firm is also looking to enter global markets shortly.
"The strategic round will give us the ability to get certain certifications in place in global markets. This will give us that freedom and the runway to cater and build a solution and our technology stack to cater to other regions as well,” he stated. “And start on the certifications on the hardware, but we will actually go out to a global market once we raise a Series A."
WEGoT is also looking to set up a robust team and go deeper into cities they operate in while also strengthening the technology team. Haridass said that the company has several more use cases and is looking to stay more agile. The company has over 80 employees and is looking to grow its team by recruiting across functions.
Since its inception, WEGoT has successfully deployed smart devices in more than 30,000 homes and over 40 million square feet of commercial real estate. The firm claims that it has effectively conserved over 3 billion litres of water till date and pledges to save a further 10 billion litres in 2022.