Zerodha’s Rainmatter Invests $1 Million in Water Tech Startup Greenvironment
Chennai-based Greenvironment Innovation, a startup focused on solving water and environmental problems using IoT and sensor technology, has secured $1 million in funding from Rainmatter, an impact VC fund established by Zerodha. Operating from the IIT-Madras Research Park, Greenvironment installs smart IoT sensor systems for sewage treatment plants, water treatment plants, rainwater harvesting, and other effluent treatment units. These systems are monitored through a Real-Time Monitoring platform that collects data on water quality, flow, and energy usage.
Greenvironment processes the collected data to provide insights, early warnings, and solutions when anomalies are detected. The startup is currently operational in over 300 buildings across India, including offices, hospitals, apartment complexes, malls, hotels, and factories. According to Varun Sridharan, co-founder of Greenvironment, the company is witnessing a significant increase in deployments and revenue, with 60% of its revenue coming from subscription models and 40% from hardware and sensor sales. The startup has achieved operational profitability with an Annual Recurring Revenue of approximately ₹6 crore.
Sridharan revealed that Greenvironment plans to accelerate its international expansion, particularly in Middle Eastern markets, where pilot projects have already been initiated. The startup is also focused on enhancing its automation capabilities and developing advanced AI models, image recognition tools, and digital twin technology.
The company is led by a team of four founders, each contributing to different aspects of the business. Varun Sridharan oversees overall strategy and innovation, Sridharan Nair manages internal systems and team development, Mohanraj Makkuni supports business growth and funding, and Sam Thomas handles finance and planning. Jafeel, an independent director, drives governance practices on the board.
Abhinav Singh Negi from Rainmatter’s investments team noted that recent policy initiatives around ESG reporting have created a conducive ecosystem for building a sustainable water business. “Greenvironment is not just a technology provider but is promoting a shift in mindset – treating water not just as a resource, but as a system that must be managed responsibly through data and intelligence,” he said. Rainmatter has invested in around 5-6 startups in the water sector over the last six months, Negi added.
