The funding will be used for product development, growth and hiring. Investors like Max Group and Angel List also participated in the financing round, according to a release on Wednesday.
Founded in 2018 by Aayush Jha and Udayan Banerjee, Clairco is an Internet of Things (IoT) startup that wants to tackle air pollution and the lack of comprehensive economical solutions around with a patented process of air purification at a monthly fee.
The company has developed this patent-pending air purification system in-house.
Clairco is aiming for an 8x growth in 2021-22. The venture has clients like Brigade, WeWork, Emaar, Brookfield, Capita Land and Max Group to name a few. This fundraise will help them launch in the Middle East and expand globally in the near future.
“Clean air is a fundamental right of every human and we, as business owners, have to take ownership of providing the same to our teams,” Bajaj, who is the lead investor in Anicut Angel Fund, said. “Clairco takes away the need for the capital requirement and the hassle by providing clean air as a service with real-time air quality monitoring, where companies pay maintenance month on month.”
Commenting on the funding, Clairco CEO Jha said, “This investment will help us build the core team and enhance R&D capabilities. We have grown 5x FY20-21 and will continue to grow by adding more geographies. We are managing clean air at 2.5 million sq.ft. at the moment and aspire to grow 10x by next year.”
Air pollution is a serious health issue in India. According to a 2019 report by the World Health Organization (WHO), 21 Indian cities rank among the 30 most polluted across the planet. At least 14 crore people in the country breathe air that is 10 times or more over the safe limit ascertained by the WHO.