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Kritsnam Technologies an IIT Kanpur, SIIC graduated company, has announced it had raised Rs 6 Crores as part of its Pre Series A round funding.
The investment, led by IIT Kanpur Batch of 1987 alumni also saw participation from BVR Mohan Reddy, the Founder Chairman of Cyient Ltd, Ashish Gupta, Founder Helion Ventures, Kunal Shah, Founder of Cred, Basab Pradhan, former Infosys Executive, Sai Srinivas, Founder MPL Gaming, Mukesh Maheshwari, Managing Director Ercon Composites, Vivek Gore, Founder Primus Technology Consulting, LetsVenture, Shalini Chabra – Managing Partner 3i partners & Incipia Advisors, Vikram Karunakaram, Founder Delta Pure and Sanjiv Verma, former Managing Director of Baxter India.
“The latest round of funding will be used to commercialize smart IoT and SaaS solutions that help businesses manage their water usage digitally, reduce groundwater footprint, and comply with government regulations,” the company said.
Earlier, Kritsnam received R&D grants worth Rs 2.8 crores from the Department of Science and Technology (DST), Hindustan Unilever Foundation, Ericsson Global Services, Intel India, Biotechnology Industry Research Assistance Council (BIRAC), USAID, and FICCI, among others. The team has carried out extensive R&D during their incubation at SIIC- IIT Kanpur. They also worked closely with Villgro Foundation, Social Alpha, IITK faculty, and alumni, including Lokvir Kapoor, founder of Pine Labs, and Alind Sahay, vice president of R&D at Pentax Medical.
Founded in 2015 by K Sri Harsha, Prudhvi Sagar, Vinay Chataraju, and Neeraj Rai, Kritsnam provides cutting-edge IoT/AI solutions to water managers for managing their limited and dwindling water resources sustainably.
Commenting on the investment, K Sri Harsha said, “The global smart water management opportunity is exceeding $50Billion/year. It has now become a standard business practice to manage water consumption efficiently using data. Additionally, all countries, including India, have strict government regulations regarding water usage. By offering cost-effective, end-to-end technology services, Kritsnam is answering this need and helping our clients to meet compliance and sustainability objectives.
Speaking on the funding round, BVR Mohan Reddy, an Investor in this pre-series A round said, “I am very impressed with Kritsnam Technologies’ cutting edge solutions to address the water management market in India and overseas. A recent report by Global Industry Analysts forecasts that the global smart water management market is expected to record significant growth in the coming years. The outstanding leadership team at Kritsnam has the capabilities to monetize this opportunity. I am glad Kritsnam moved to Hyderabad, a major hub for startups in India.”
“IoT-enabled devices are expected to play a big role in managing scarce natural resources. Kritsnam, with its patented technologies, and deep expertise in water management, is a leading innovator in this field in India. This funding round enables Kritsnam to continue innovation and significantly increase commercial presence in the growing water management space,” Alind Sahay, Board Member, and investor added.