Clairco, a Bengaluru-based cleantech startup, on Tuesday announced that it has raised Rs 4.2 crore in angel funding.
The round was led by Sanjiv Bajaj (Jt Chairman and Managing Director, Bajaj Capital) at Anicut Angel Fund. The fresh infusion of funds will be used for product development, growth, and hiring. Investors like Max Group and Angel List also participated in the round.
Aayush Jha, Co-founder and CEO, Clairco, said,
“This investment will help us build the core team and enhance R&D capabilities. We have grown 5x in FY20-21 and will continue to grow by adding more geographies. We aspire to grow 10x by the next year.”
Founded in 2018 by Aayush Jha and Udayan Banerjee, Clairco is an Internet of Things (IoT) startup that has developed a patent-pending in-house air purification system. It offers clean air as a service by charging a monthly fee on the lines of a SaaS model.
The venture has clients like Brigade, WeWork, Emaar, Brookfield, Capita Land, and Max Group to name a few. The latest funding will help the company launch in the Middle East and expand globally in the near future.
Sanjiv Bajaj, Jt Chairman and Managing Director, Bajaj Capital, and the lead investor at Anicut Angel Fund added,
“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.”
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 six 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 startup follows a zero apex business model, and said that it makes them much more affordable than existing industry solutions, and the costs on a seven-year term with Clairco are lesser than others.