Clairco, a cleantech startup said that it has raised Rs4.2 crore in angel funding led by Sanjiv Bajaj (Joint chairman and managing director, Bajaj Capital), at Anicut Angel Fund. Investors such as Max Group and Angel List also participated in the round.
The fresh infusion of funds will be used for product development, growth and hiring, the company said in a statement.
“This investment will help us build the core team and enhance R&D capabilities. We have grown 5x FY20-21 and will continue to grow by adding more geographies. We are managing clean air at 2.5 million sq.ft. at the moment and aspire to grow 10x by the next year,” said Aayush Jha, co-founder and chief executive officer, Clairco.
Founded in 2018 by Aayush Jha and Udayan Banerjee, Clairco is an Internet of Things (IoT) startup that solves the problem of air pollution by introducing a patented process of air purification, which offers clean air as a service by charging a monthly fee on the lines of a SaaS (software as a service) model. The company has developed this patent-pending air purification system in-house.
Clairco clients include Brigade, WeWork, Emaar, Brookfield, Capita Land and Max Group, to name a few. This fundraise will help them launch in West Asia and expand globally in the near future.
“Clean air is a fundamental right of every human and we, as business owners have to take ownership of providing the same to our teams. I was impressed that Clairco takes away the need for the capital requirement and the hassle by providing clean air as a service with real-time air quality monitoring, where the companies have to shell out a very small amount as a part of maintenance month on month,” said Sanjiv Bajaj, Jt chairman and managing director, Bajaj Capital and the lead investor at Anicut Angel Fund.
Air pollution in India is a serious health issue. According to a report by WHO, of the most polluted cities in the world, 21 out of 30 were in India in 2019. At least 140 million people in India breathe air that is 10 times or more over the WHO safe limit and 6 of the world’s 10 cities with the highest annual levels of air pollution are in India.
Clairco claims that it guarantees clean air based on mutually agreed service level agreements with clients. The zero apex business model makes them much more affordable than existing industry solutions, the startup said.