Biomass cooking stove maker Greenway raises $2.5 million.
Mumbai | By Shashwati Shankar, ET Bureau | 10 Feb, 2016, 06.00 AM IST.
Acumen, a global non-profit investment organisation focused on poverty issues, has partnered with Vikram Gandhi, founder of Asha Impact platform to address India’s developmental challenges, and Pramod Bhasin, former CEO of Genpact, to invest $2.5 million in biomass cooking stove maker Greenway Appliances.
Neha Juneja, CEO of the Mumbai-based Greenway Appliances, said two out of every three households in the country continue to cook on traditional mud stoves using wood and dung, which not only consume large amounts of fuel but also emit toxic fumes that are a major health risk for women.
“Lack of access and affordability prevent many urban and rural consumers from shifting to modern cooking fuels such as LPG or electricity,” said Juneja. “We form ideal replacements for traditional mud stoves by allowing users to continue using biomass fuels that they have easy access to, but delivering 65% fuel savings and 70% smoke reduction with no noxious fumes,” she said.
The investment is part of Greenway’s Series-A round of equity capital.