Livpure secures ₹233 crore from M&G, Ncubate, to expand subscription network

livemint.com:

MUMBAI : Livpure, a provider of water purification solutions, has raised ₹233 crore in a funding round as it gears up for aggressive growth. The capital was raised from private equity giant M&G Investments and venture capital firm Ncubate Capital Partners. "The capex will primarily be required to build the subscription network across the country as we expand from 26 cities to 50, and eventually to 100 cities in the next three years," said Rakesh Kaul, managing director, Livpure.

Read this | IPO-bound MobiKwik marks its first full-year profit, 15 years after inception Of the total funds, ₹208 crore comes from M&G, with Ncubate contributing the remaining amount. The fresh proceeds will also support the enhancement of Livpure's technology stack, including integrating features like WhatsApp to streamline the user experience. While Livpure's business remains heavily concentrated in tier-one cities, Kaul noted a significant uptick in adoption rates in tier-two cities.

“We're seeing growth in tier-two cities, and while the base is still small, consumers are increasingly adopting the subscription model," Kaul explained. This shift underscores the growing acceptance of Livpure's subscription model, which offers a monthly rental service for water purifiers, eliminating upfront costs and maintenance fees. To date, Livpure has raised a total funding of $64.7 million from prominent backers like Multiples Alternate Asset Management, Lakshya Holding, and NK Investment Group, among others, according to Tracxn.