Water purifying brand Livpure Wednesday said it has raised Rs 233 crore ($27.7 million) in fresh funding from London-based investment firm M&G Investments and its parent SAR Group’s investment arm Ncubate Capital Partners.
M&G has infused Rs 208 crore through its private market strategy Catalyst, while Ncubate has added Rs 25 crore in the round.
The investment will help Livpure to speed up its category expansion and product development plans, as it diversifies its offerings.
“With this investment we will further enhance our focus on developing cutting-edge products that address the growing needs of Indian consumers,” said Rakesh Kaul, managing director, Livpure. “We are particularly keen on further enhancing our water-as-a-service offering along with eco-friendly sustainable solutions in home and kitchen offerings.”
Kaul, who is currently leading the brand, took up the role last year in April.
Livpure was founded in 2012 by Rakesh Malhotra and Naveen Kapoor. The company offerings include water purifiers, subscription-based water purifiers, air coolers, kitchen appliances, mattresses, and sleep accessories.
The company reported a revenue of Rs 294 crore in FY23 against Rs 217 crore in FY22.
The company, however, continues to face stiff competition from brands like HUL’s Pure It, Kent Water Purifier, Eureka Forbes and AquaGuard, among other various domestic players.
In an interaction last year, founder Malhotra spoke to VCCircle about the company’s plans to expand in different segments of the home care vertical.
The promoters have been supporting the company's operations by way of fund infusion over the last few years. In FY23, they infused additional Rs 82 crore via a rights issue and compulsorily convertible preference shares (CCPS) to fund operating losses, acording to a report by credit rating agency Care Ratings.
Livpure has also raised capital from CLSA Capital Partners. It had given an exit to one of its key private equity backers, Renuka Ramnath-led Multiples Alternate Asset Management.
InCred Capital acted as the exclusive advisor to Livpure for the deal.
“This fund raise signifies a new chapter of growth and opportunity for Livpure, which through its water-as-a-service model, has been pioneering innovation in the water purification industry,” said Ashish Ambwani, managing director, InCred Capital.
