Waste Management Startup Aspirify Acquires GET Water
Deal, first such in the space, is pegged at around .₹ 81 crore
Mumbai: Pune-based wastemanagement company Aspirify Energy acquired GET Water Solutions, a water-treatment-solutions firm backed by Clearwater Capital. The deal, estimated to be worth $8-12 million (`54-81 crore) including fresh investments, is the first such transaction in this space in India.
Kolte-Patil Developers’ former chief executive Sujay Kalele and Pune-based industrialist Sri- chand Aswani launched Aspirify Energy in June 2016 to tap the business potential created by the government’s Swachh Bharat and smart city programmes. The company is executing a solidwaste-management project for the Pune Municipal Corporation and the acquisition will give it access to the industrial-waste management space. “We want to expand in the liquid waste-management segment as the Swachh Bharat and Clean Ganga missions offer good opportunities. With this aim, we have acquired GET Water which is among the few firms in India that have executed industrial-liquid-discharge projects,” Kalele, who is the managing director of Aspirify, told ET. GET Water was owned by Clearwater Capital and now it has been fully acquired by the Pune startup. According to sources close to the development, the deal value includes a combination of secondary share sale, infusion of capital into the company and further commitment of growth capital subject to milestones.
“We cannot disclose the deal size but it is a sizeable deal considering GET’s turnover last year was $3 million. We plan to invest $3-5 million more for the growth of the company,” Kalele said.
GET Water has15 years of experience, primarily in industrialwaste management, mostly in south India. The acquirer is upbeat on this business as the government makes environment and emission rules stricter.