Chetas Control Systems Raises 60 Crore

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Pune: Pune based Chetas Control Systems raised fund of 60 crore from Matrix Partners in the initial round of funding. Founded in 1989, Chetas Control Systems has completed installation of 4, 00,000 domestic and bulk water meters in India. The funding will provide Chetas the growth in their capital accumulation to be eligible to bid for larger projects and strengthen its leading position in trunkey water metering.

Led by Mahesh Deshmukh, Managing Director, Chetas Control Systems specializes in "ultrasonic transit time flow metering technology" which helps municipal bodies turn their water distribution network into a viable commercial model. A release claims that the company has installed and commissioned more than 1,000 ultrasonic flowmeters in India and has handled more than 200 water auditing cases.

Depending on the stage of development of a company, Matrix Partners is investing up to 125 crore. The firm has invested in several other companies including Muthoot Finance (Gold Loan NBFC), BSFL/BASIX (Microfinance Institution), FIITJEE (engineering test Preparation Company), Itzcash Card (prepaid card), Center for Sight (eye care chain), Siesta Hospitality (corporate serviced apartments) and Tree House (preschool and K-12 schools).

The California based Matrix Partners was formed in the year 1977 and since then, they have partnered hundreds of innovators. Matrix Partners has expanded globally, launching their first India fund in 2006 and then expanding into China in 2008. Matrix Partners India is a leading growth capital firm with about 1,500 crore under management. The firm invests in companies targeting the Indian domestic market with a sector independent investment strategy.

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