Ritesh Malik, founder of co-working place Innov8, has made a seed investment in PumpKart, an online platform selling water pumps, the startup said in a statement.
Founded in 2014 by KS Bhatia, the startup sources pumps from manufacturers across the Indian subcontinent and sells them through its website.
The Chandigarh-based company sells a range of pumps, including hydropneumatic, borewell and solar pumps, in addition to commercial ones such as cooling and firefighting pumps. It offers cash on delivery and EMI options to users.
PumpKart is also planning to offer what it calls Pumpkart Services, a platform to service the pumps bought from the website.
Malik founded Guerrilla Infra Solutions Pvt. Ltd, which operates Innov8, in 2015 along with IIT Kharagpur alumnus Shailesh Gupta.
“Our vision is to solve one of India’s most challenging problems, water. India is exporting pumps to over 100 countries but still, the domestic market is highly fragmented. Our focus is to revolutionise the way pumps are being bought and used in the country,†Bhatia said in the statement.
According to the firm, water pump industry is growing at 15% annually.
In the past, submersible water pumps manufacturer Shakti Pumps India Ltd raised Rs 45 crore from Global Environment Fund (GEF) through an issue of compulsory convertible preference shares (CCPS). Shakti Pumps offers submersible pumps, submersible motors, vertical multi-stage centrifugal pumps and domestic water pressure booster pumps. It also makes solar pump sets.
