HT Syndication
Mumbai (Maharashtra) [India], July 9: Neev II Fund (managed by SBI Ventures Limited - a State Bank of India group company), a leading climate and sustainability focused SME fund, announced its investment into RETAS Enviro Solutions Private Limited ("Retas"). RETAS, is a climate-tech company, founded in 2017 by Neeraj Chauhan, Ankit Magan and Priyank Jain. RETAS specializes in modular rainwater harvesting and disaster-resilient infrastructure solutions addressing urban flooding and water scarcity challenges, with a patented product called Rainmaxx tanks. Through its strong design expertise and execution capability, RETAS has become a leading company in this sector.
Water scarcity is a commonly acknowledged issue in India. While being home to 18% of the global population, India possesses just 4% of the world's freshwater resources. As per Central Water Commission (CWC), India receives ~4,000 bn cubic meters (CBM) of rainfall annually, but only a mere 8% of that is captured efficiently due to factors such as defective pipelines, limited or ageing infrastructure, and lack of RWH systems further adding to India's water crisis.
To address this, RETAS has developed a patented modular box-structure known as Rainmaxx tanks, made from 100% recycled polypropylene. The tank can be assembled to construct underground RWH structures and capture and store surface rainwater along with facilitating controlled infiltration for groundwater recharge and to support on-site reuse of collected water. The Company's solutions are used across roads, highways, manufacturing facilities, commercial spaces and other public infrastructure.
Through its operations to date, RETAS has successfully captured and stored more than 75 billion litres of rainwater. With enhanced access to capital resources, the company is positioned to significantly expand its geographical presence, deploy new suitable products, thereby substantially increasing groundwater recharge capacity and improving on-site water availability across its operational areas.
This investment by Neev II Fund complements the growing focus on water sustainability & climate resilience in India and will support Retas's growth plans, technology development, and expansion of its market reach.
Prem Prabhakar, MD & CEO, SBI Ventures Ltd, said: "SBI Ventures is committed to catalyzing sustainable climate solutions that address India's pressing water challenges. Retas's innovative modular rainwater harvesting tanks provide an impactful solution to groundwater depletion and urban flooding. Our investment under the Neev II Fund reflects our dedication to support technologies that not only conserve water but also build resilient infrastructure vital for communities' well-being and climate adaptation."
Akshay Panth, CIO, Neev Funds shared: "Our investment in RETAS aligns perfectly with our strategy to nurture technology-led climate initiatives with significant environmental and social impact. The patented Rainmaxx tanks represent a breakthrough in modular, scalable water management solutions. We look forward to collaborating closely with RETAS to amplify its reach and contribute towards India's water security and sustainability goals."
Neeraj Chauhan, Co-founder & CEO, RETAS Enviro Solutions, said: "We are thrilled to partner with Neev II Fund as we scale our vision to make rainwater harvesting a mainstream solution across India. Our products and offerings empower communities and industries to manage water more sustainably, reduce dependence on overstressed groundwater, and build resilience against urban flooding. This investment accelerates our mission to contribute meaningfully to India's water security and climate adaptation landscape."
About SBI Ventures Ltd. (Formerly known as SBICAP Ventures Limited): SBI Ventures Ltd. is an alternative asset manager based in India, belonging to the State Bank of India Group and manages funds across private equity, real estate, and fund of funds mandates.
Neev Funds: Neev I Fund and Neev II Fund are private equity funds managed by SBI Ventures. The funds supported by reputed global and domestic investors such as the European Investment Bank (EIB), Japan International Cooperation Agency (JICA), Govt of United Kingdom, State Bank of India Group (SBI), Small Industries Development Bank of India (SIDBI) and Self Reliant India (SRI) Fund. Neev Fund I, launched in 2015 has invested into 10 companies in diverse clean energy, agri supply chain and social infrastructure sectors. Neev II Fund is the successor fund launched in June 2021 that seeks to provide growth and expansion capital to companies offering solutions for clean energy, electric vehicles, efficient use of raw materials, and water and circular economy projects in the country.
About RETAS: Founded in 2017 by Neeraj Chauhan, Ankit Magan, and Priyank Jain, RETAS develops disaster-resilient water infrastructure with patented modular rainwater harvesting tanks made from recycled polypropylene. RETAS addresses India's water scarcity and urban flooding challenges through innovative and sustainable water management solutions, serving clients across residential, commercial, and industrial sectors.
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