Emerald marks first India investment with water treatment vanguard INDRA

Zürich, Switzerland: Cleantech venture capital pioneer Emerald Technology Ventures has led an investment into INDRA, a maker of water treatment systems. The round, which was joined by Mela Ventures and The Climate Angels, will boost INDRA’s sales prospects in its home market of India and Southeast Asia. It marks Emerald’s first deal in India, a vast market with rapidly growing need for clean- and climate-tech solutions, particularly in water.

Mumbai, India-based INDRA leverages electrical reactions to rid wastewater of pollutants. Its proprietary technology can remove a wide range of unwanted substances. This includes heavy metals, suspended solids, nitrogen, fats, oil, grease and certain dissolved organics like dyes. Its products are modular and easy to install in a variety of industrial facilities.

Importantly, they occupy a smaller footprint than many traditional wastewater treatment approaches. This is particularly vital for users in India, where space is often at a premium. The “plug-and-play” nature of INDRA’s solutions has already attracted notable end-users like Aditya Birla Group and Unilever, which has contracted to install INDRA’s system in a factory in Indonesia.

INDRA is currently focusing on pharmaceutical, steel manufacturing, food and beverage, and residential and commercial applications, although the scope of its services is potentially much larger. As climate change intensifies water woes in India and its neighbors—one analysis estimates that over half the country already faces high to severe water stress—water recycling will grow in importance. Freshwater is increasingly difficult to come by as municipalities restrict the pumping of groundwater. At the same time, regulators who once turned a blind eye to the dumping of untreated wastewater are clamping down. Clean water is growing more valuable by the day in the region and around the world.

Co-Founders Krunal Patel and Amrit Om Nayak

This has the potential to drive significant market growth for INDRA’s products. The global packaged wastewater treatment data market reached $18.1 billion in 2022 and is expected to increase to $32.4 billion by 2028. India’s municipal and industrial wastewater treatment market could grow even more quickly, reaching $9.32 billion by 2027, up from only $3.98 billion in 2020.

“India’s size, influence and vulnerability to climate change make it both a bellwether and vanguard when it comes to the future of water use,” says Emerald Partner Helge Daebel, who will join Indra’s Board. “We are excited to be investing in this dynamic market via INDRA, a company at the cutting-edge of this space.”

About Emerald Technology Ventures

Emerald is a globally recognized venture capital firm, founded in 2000, that manages and advises assets of over €1 billion from its offices in Zurich, Toronto and Singapore. The firm invests in start-ups that tackle big challenges in climate change and sustainability, with four current funds, hundreds of venture transactions and four third-party investment mandates, including loan guarantees to over 100 start-ups.

This is Emerald.

Bold Ideas. Bright Future.  www.emerald.vc


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Indra is pioneering decentralized water & wastewater treatment for industrial, commercial and domestic customers while driving them away from harmful chemicals towards an eco-friendly electrically driven future.

Indra’s end users include giants like Unilever, Aditya Birla Group, IHCL and other business establishments. Its solutions are helping customers and partners to meet increasing water demands, overcome scarcity challenges, enhance environmental stewardship and comply with regulatory requirements.

Indra’s patented electro-chemical technology has treated over a billion litres of wastewater for reuse thereby offsetting freshwater demand and mitigating water pollution while achieving 35% cost savings, 70% reduction in sludge generation, 90% reduction in human intervention, 90% savings in footprint and up to 99% water recovery. Their novel broad-spectrum pollution removal technology handles a wide range of pollutants like suspended/dissolved pollutants, heavy metals, emulsified oils, fats, oxygen demanding substances (COD & BOD), nutrients (nitrogenous compounds, phosphorous etc.), pathogens, fluorides, bromides and silica among others. It also handles shock loads well unlike conventional chemically or biologically driven solutions.

A strong emphasis on productization and standardization has enabled Indra to achieve industry-first improvements in manufacturing and operations thereby enabling quicker scale up and potential mass production of its water systems powered by smart software and firmware.

They were chosen as the winners of the Global Freshwater Challenge by the World Economic Forum and HCL Technologies at Davos 2023 and were also named to 2023 APAC Cleantech 25 list.


Amrit Om Nayak
Co-Founder & CEO, INDRA
+91 79 7882 6057
[email protected]