May 2019, New Delhi: Fast growing indoor air quality (IAQ) company, Bonphul Air Products has announced its plan to raise a Series A round of funding and is reaching out to potential investors. The New Delhi based company had earlier raised Rs 10 lakhs in its seed round and Rs 1.5 crores in its angel funding round.
Looking forward to the Series A funding, Bonphul CEO, Mr Prodyut Bora, commented that this will help the company to make further investments into product development, market expansion, top management hiring, and in other key areas. “With India having 14 of the 15 most polluted cities in the world, there has been a rising awareness among people to invest in indoor air quality products. Our experience convinces us that at the right price-point the market could expand exponentially. But for this to happen we have to scale up production and bring down per unit cost. Scaling a business requires money and that is why we are seeking out investors.”
Bonphul’s vision is to be the world’s most comprehensive indoor air quality company. It has laid out an impressive product roadmap, and has already introduced four ranges of products. Its first product, OxyMax, an oxygen optimizer for buildings, is the first of its kind in India and only second in the world. This product enhances the level of indoor oxygen from whatever existing level to 21%, the ideal mix in air. Bonphul has also launched VentiMax, India’s first residential ventilation system.
Bonphul had two rounds of funding prior to this. At its seed stage the company was valued at Rs 1 crore, and at its angel stage at Rs 20 crore.
The company set up its operations using the initial rounds of investments and has created an impressive list of B2C and B2B customers. The company has also received inquiries from various HVAC-industry OEMs (original equipment manufacturers) to embed OxyMax in their offerings.
As a part of its outreach strategy, Bonphul is reaching out to various influencers like HVAC consultants, architects, interior decorators, etc. The company has also been present at various leading tradeshows like Acrex, Ventcof, etc.
The company has been able to attract top professionals to its CXO ranks and boasts an impressive Board of Directors. Some of the luminaries that have joined Bonphul as independent directors include former FICCI Secretary General Dr A Didar Singh and IIT-Delhi professor Dr Mukesh Khare.