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UN World Water Day: India-based startup Aqverium to set up shop in the UAE
Company unveils its proposed Middle East strategy to be incubated from the UAE and aligned with its water security strategy 2036.
Aqverium, India’s first Digital Water Bank, was launched on March 14 in Bengaluru, Karnataka, by Dr. CN Ashwath Narayan (centre), Minister for Information Technology, Biotechnology, Higher Education, Science and Technology, and (right) Dr. Subramanya Kusnur, founder chairman and CEO, AquaKraft Group Ventures, which owns Aqverium. (Supplied)
On the United Nations' (UN) World Water Day on Tuesday (March 22), Aqverium, an India-based startup, announced its proposed Middle East strategy to be incubated from the UAE and aligned with its water security strategy 2036.
The company will leverage AquaKraft’s green, sustainable, gravity-based & energy efficient technologies to recycle and reuse water. Adoption of these time-tested technologies will substantially increase water use efficiency generating surplus in available water.
The philosophy is to account for every drop of water across every consumer and stakeholder generating a water balance sheet like a financial balance sheet. Monetising water is key to creating the much-needed water security and we look forward to adopting a multi stakeholder all-inclusive approach in contributing to the UAE Water Security Strategy 2036.
The startup is looking to set up its base in the UAE soon and is in talks with partners, corporate entities, communities and civic authorities in Dubai, Abu Dhabi, and Sharjah — the three-most populous emirates.
Aqverium -- India’s first Digital Water Bank -- was launched on March 14 in Bengaluru, Karnataka, by Dr. CN Ashwath Narayan, Minister for Information Technology, Biotechnology, Higher Education, Science and Technology,
It is an initiative of Bengaluru-headquartered AquaKraft Digital Ventures Pvt. Ltd., a newly formed subsidiary of AquaKraft Projects Pvt Ltd, the flagship company of AquaKraft Group Ventures. The company aims to expand its footprint across the Arabian Gulf to create an active and vibrant marketplace by tokenising water on a blockchain leading to an automatic price discovery mechanism based on supply and demand.
Dr. Subramanya Kusnur, founder chairman and chief executive officer (CEO), AquaKraft Group Ventures, said: “water is fast outpacing oil as a precious commodity and the day will not be far when we will be grappling for every drop of water if we do not act now. Aqverium’s philosophy is not only to account for water but also to incentivise every stakeholder to judiciously manage water. Our objective is to enable governments and other stakeholders to unlock the economic value of water and invest the same in creating sustainable & long-term water infrastructure. Over $5 (Dh18.37) trillion economic value is estimated to be unlocked by efficient accounting and monetisation of water by 2030.”
Dr. Subramanya Kusnur, founder chairman and CEO, AquaKraft Group Ventures, which owns Aqverium.
AquaKraft Projects Pvt. Ltd., which was formed in July 2010, is a next generation sustainability and impact enterprise focused on providing clean drinking water and sanitation to one and all. AquaKraft has been advocating sustainability rights since its inception and has innovated unique socio-economic sustainability models powered by its green interventions and grass root intelligence.
AquaKraft is active in nine states in India.
joydeep@khaleejtimes.com
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