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Cleantech startup Thinkphi gets funding from Matrix Prasad
Thinkphi, a Mumbai-based cleantech startup, has raised an undisclosed amount of funding from serial entrepreneur Nimmagadda Prasad (popularly known as Matrix Prasad), an early backer of successful companies like Matrix Laboratories, Maa TV and Care Hospitals.
Hyderabad: Thinkphi, a Mumbai-based cleantech startup, has raised an undisclosed amount of funding from serial entrepreneur Nimmagadda Prasad (popularly known as Matrix Prasad), an early backer of successful companies like Matrix Laboratories, Maa TV and Care Hospitals.
Most recently, Prasad invested in Sachin Tendulkar’s ISL team Kerala Blasters. Founded in 2015 by Samit Choksi and Priya Vakil Choksi, Thinkphi proposes to deploy the proceeds from the fund-raising for research and development (R&D) and building a sales and distribution network.
“We are grateful to have investors who believed in our vision. We are confident that the investment in R&D and good product design will deliver positive results, while building the company value,” the Co-Founders said in a statement on Monday.
Thinkphi’s first product is almost like a smart tree called ‘Ulta Chaata’, an inverted canopy-looking structure that provides potable water by capturing rain water during the monsoon and solar energy during the rest of the year.
The company said each unit has the capability to harvest and filter up to 100,000 litres during the rainy season. With a maximum solar capacity of 1.5KW, the product also includes an intelligent lighting system that provides various levels of programmable lighting options and a mobile charge unit, thereby making it a completely self-sustaining installation for the outdoors.
Powered by a central operating system called the ‘phi-box’, the controls help the lighting run for four to five days on a single solar charge and can provide potable quality drinking water through its inbuilt filter.
Stating that the company has already made some early sales of its patented rainwater and solar harvesting product to customers like Godrej Interio and Rustomjee, Thinkphi said it was planning to stay asset light.
According to the United Nations, water use has grown at more than twice the rate of population increase in the last century. It is estimated that the demand for water will surpass the supply as early as 2025.
The overall Environmental Technologies market in India including goods and services is almost $15 Billion. Thinkphi’s long-term goal is to address a global market for environmental goods which is targeted to reach $1.9 trillion by 2020.
“With the growth of urbanisation and water scarcity in India, Thinkphi’s Ulta Chaata can become a much-needed solution for smart cities and businesses in India and globally,” the company said.
