Rite Water Solutions (India) Limited: Company Profile

Background

Rite Water Solutions (India) Limited is an ISO 9001:2015 certified clean-tech company dedicated to providing sustainable solutions in water treatment, solar agriculture, and Internet of Things (IoT) applications. The company's mission is to empower communities by ensuring access to clean water, sustainable sanitation, and reliable energy, thereby enhancing living standards and addressing challenges related to water scarcity and energy insufficiency. Operating across rural and urban sectors, Rite Water Solutions has established itself as a significant player in India's clean-tech industry.

Key Strategic Focus

Rite Water Solutions specializes in three primary verticals:

Water Solutions: Offering water and wastewater treatment, disinfection and purification systems, community water purification plants, and water supply schemes.

Solar Agriculture Solutions: Providing solar irrigation pumps and solar cold storage systems to promote sustainable agricultural practices.

IoT Solutions: Implementing digital monitoring applications to enhance efficiency, improve productivity, and reduce losses in water and energy infrastructure.

The company targets rural transformation by deploying innovative technologies tailored to the specific needs of communities and environmental conditions.

Financials and Funding

Rite Water Solutions has demonstrated robust financial growth:

Revenue: Increased from ₹76.81 crore in FY 2022 to ₹202.75 crore in FY 2024.

Profit After Tax (PAT): Grew from ₹8.67 crore in FY 2022 to ₹49.28 crore in FY 2024.

EBITDA Margin: Improved from 11.32% in FY 2022 to 34.77% in FY 2024.

In August 2024, the company received an equity infusion of ₹100 crore, with ₹66 crore (17.5%) from the Water Access Acceleration Fund (W2AF) and the remainder from high-net-worth individuals. This funding is intended to support working capital requirements and reduce reliance on bank facilities.

Pipeline Development

Rite Water Solutions has a strong order book, including:

Water Solutions: Supply, installation, commissioning, and maintenance of electro-chlorination plants across 17,320 villages in Maharashtra under the Jal Jeevan Mission.

Solar Agriculture Solutions: Supply of solar irrigation pumps to 24,000 farmers under the PM-KUSUM Scheme.

IoT Solutions: IoT-based monitoring of water supply schemes covering 2,639 villages in Maharashtra.

These projects are at various stages of execution, with significant milestones anticipated in the coming fiscal years.

Technological Platform and Innovation

Rite Water Solutions leverages proprietary technologies and innovative methodologies:

Proprietary Technologies: Developed decentralized purification systems tailored for rural and urban areas, including community water plants and solar-powered treatment units.

Scientific Methods: Utilizes advanced water treatment technologies and solar energy solutions to address water scarcity and energy insufficiency.

IoT Capabilities: Implements digital monitoring applications for real-time data collection and analytics to optimize water and energy management systems.

These innovations position the company as a leader in providing sustainable and efficient clean-tech solutions.

Leadership Team

The company's leadership comprises experienced professionals:

Mr. Vinod Gaan: Chairman with over 40 years of experience in entrepreneurship and business management, including roles at Candy Filters India Ltd and Steel Authority of India Ltd.

Mr. Abhijeet Gaan: Managing Director & CEO, with a background in computer science from BITS Pilani and an MBA from SP Jain, Mumbai. He has experience with Colgate Palmolive and Accenture Business Consulting.

Mr. Shyam Bhattbhatt: Chief Finance Officer with over 30 years of experience in corporate finance, accounts, and corporate laws, having worked with Deloitte, Baker Tilly, and Capri Global.

Mr. Nitin Chaskar: Head of Business Development with more than 30 years of experience in marketing and rural and urban CSR projects, previously associated with Thermax, Kalyani Sharp, Macmillan, and Piramal Sarvajal.

Mr. Akshay Chindaliya: Head of Accounts and Finance, a Chartered Accountant with expertise in strategic and operational business processes.

Mr. Shashi Jha: Vice President of Projects with over 20 years of experience in project execution in rural water projects.

Mr. Vinneesh Shashikumar Nashine: Head of Purchase Department with nearly 28 years of experience in sourcing and procurement operations.

Mr. Akbar Kamal: Chief Information Officer with over 15 years of experience leading digital transformation initiatives globally.

Mr. Ashok Sharma: Vice President of Projects with a decade of experience in project execution and coordination within Rajasthan.

The leadership team is supported by advisors such as Dr. Arup K. SenGupta, a Chemical and Environmental Engineering Professor at Lehigh University, and Mr. Vinay Deodhar, an expert in sustainable development and clean energy.

Competitor Profile

Market Insights and Dynamics:

The Indian water and wastewater treatment market was valued at approximately USD 2.79 billion in 2022 and is projected to reach USD 5.60 billion by 2030, growing at a CAGR of 9.10%. The solar energy sector is expected to grow at a CAGR of 7.50% from 2025 to 2029. These growth trajectories present significant opportunities for companies like Rite Water Solutions.

Competitor Analysis:

Key competitors include Tata Projects Limited, L&T Construction, and Jain Irrigation Systems, which focus on water treatment and solar solutions. These companies have established market presence and technological capabilities, contributing to a competitive landscape that drives innovation and efficiency.

Strategic Collaborations and Partnerships

Rite Water Solutions has partnered with government clients for water and solar agriculture solutions through schemes such as the Jal Jeevan Mission (JJM), PM-KUSUM Scheme, and the National Mission for Clean Ganga (NMCG). Additionally, the company has secured investment from the Water Access Acceleration Fund (W2AF), marking its first global investment and enabling expansion beyond India, particularly into African regions.

Operational Insights

The company's asset-light business model focuses on strategic sourcing to optimize core operations and enable scalability across geographies. This approach allows for rapid expansion into high-growth markets with minimal capital expenditure, providing a distinct competitive advantage.

Strategic Opportunities and Future Directions

Rite Water Solutions aims to leverage its innovative clean-tech solutions, strong financial performance, and strategic market positioning to drive sustainable development across India's rural landscape. The company plans to expand its operations in the IoT and solar agriculture sectors, capitalizing on the growing demand for sustainable and efficient solutions.