This interview originally appeared in the DealStreetAsia DATA VANTAGE report Female Founders in India 2024.
People do question a female’s vision when it comes to dreaming big or scaling up a venture. Though my business acumen was never questioned, there were still some apprehensions in terms of innovation that would be brought about by the brand, says Dr. Vibha Tripathi, founder of water tech startup Boon.
“My biggest mantra to deal with this has always been perseverance, and sheer confidence in my vision, which eventually turns the table around,” said in an interview for DealStreetAsia’s recent report titled Female Founders in India 2024.
Boon, a watertech firm focused on remote water purifying, monitoring and dispensing innovations, raised $5 million in a mix of equity and debt in July last year. The Series A funding round was led by Spanish Roca Group Ventures, Roca Group’s venture fund.
Asked about the challenges she faced at the outset of her entrepreneurial journey, Tripathi said, “Building credibility in male-dominated tech and energy sectors proved to be my first major challenge while operating as a woman entrepreneur.”
The success of securing funding relies more on the strength of the business concept, team expertise, and scalability rather than the gender of co-founders, she added.
Edited excerpts:-
What inspired you to start your own business, and how did you identify the gap in the market?
Growing up in a small village in Uttar Pradesh, I witnessed the severe challenges of rural areas, particularly the lack of electricity. This inspired me to start Saurya EnerTech in 2008, focusing on solar energy. I soon realised the potential of combining solar power with water purification to address the water crisis. In 2011, my solar-powered water purification idea was selected by the UNDP, leading to the foundation of Swajal Water Pvt Ltd. In 2013, I launched Swajal, introducing solar-powered “water ATMs” to provide affordable, clean drinking water to underserved communities, particularly in rural and urban slums.
We rebranded Swajal as Boon in 2019, integrating AI and IoT technology into our smart hydration systems for improved functionality and efficiency. Today, Boon continues to expand its reach, offering smart, sustainable water solutions to more communities in areas with limited infrastructure.
What were some of the biggest challenges you faced as a woman entrepreneur when starting your own business?
Building credibility in male-dominated tech and energy sectors proved to be my first major challenge while operating as a woman entrepreneur. I used doubts about my expertise as motivation to demonstrate my vision through practical achievements. The process of balancing work responsibilities with family obligations as a mother introduced me to effective time management and essential support systems. Traversing these challenges, I transformed myself into a stronger leader, contributing to the growth journey of Boon.
How did you go about securing funds for your venture? What were the major challenges in raising capital?
Boon began as a mission to address accessibility issues in rural India. Initially, many doubted our vision due to the nascent water-tech sector. However, our partnership with UNDP marked a turning point, gaining the attention of investors and highlighting the social and business impact of water ATMs. We aimed to challenge the status quo in both water accessibility and sustainable operations, which made fundraising a significant challenge at the time.
Do you think having male co-founders made a difference in your fundraising journey?
The success of securing funding relies more on the strength of the business concept, team expertise, and scalability rather than the gender of co-founders. The partnership with my son, Advait, added critical strengths essential for today’s business landscape. Investors prioritise skilled teams with a strong vision and balanced skill sets. Our focus was on showcasing our disruptive water access solution and our ability to deliver it. The gender of co-founders is secondary to the overall value proposition, and investors increasingly recognise the diverse perspectives men and women bring to the table.
In the current environment, when funding is more difficult to secure for most startups, could female founders find it tougher to raise capital?
The present funding landscape imposes common obstacles to all startups but female founders potentially encounter distinct barriers. The business world now recognises that women entrepreneurs provide significant value to startup ventures. The focus of investors now centres on business model strength and leadership team composition alongside long-term sustainability which creates equal opportunities for all. As per one of the reports, less than 5% of the total funded startups are led by women, this highlights the need to encourage women-led startups.
Do you think that investors tend to have different expectations or standards for female founders versus male founders? Can you share any specific questions that are typically asked of female founders?
Serious investors do not care about gender while evaluating any business plan. Though many do understand the broader difference that both might bring to the table. Eg: while men founders tend to be more visionary in terms of their venture’s growth and scale, women founders are more inclined towards sustainability, grassroots problem solving and looking for practical issues. Maybe it’s by nature as women are brought up like that since their childhood.
Have you ever experienced any gender-based biases in your journey as an entrepreneur? How did you address or deal with them?
My personal experience is that people do question a female’s vision when it comes to dreaming big or scaling up a venture. Though my business acumen was never questioned, there were still some apprehensions in terms of innovation that would be brought about by the brand. My biggest mantra to deal with this has always been perseverance, and sheer confidence in my vision, which eventually turns the table around.
Have things become any easier for women founders today than say five years back?
The mindset of society has evolved leading to more acceptance when women are in leadership positions. Entrepreneurship has become more accessible and inclusive for women than ever before because the environment has become significantly more supportive. I believe that the conditions five years back were also very mature for women founders, as when we were raising funds back then, we received due credit for the impact that Boon created.
What were some key mistakes or learning moments you encountered in the initial years?
What I have realised over the years is that mistakes are themselves very subjective. For instance, today when I look back, there seem to be several mistakes that I made at various stages. But eventually when I introspect, those were the best decisions that I took under the conditions I had to deal with. I believe, we just learn from those so-called mistakes, becoming wiser and thoughtful about our future actions.
As a woman founder, do you feel there are unique qualities you bring to leadership that might differ from your male counterparts?
The unique qualities I bring to leadership stem from a combination of empathy, resilience, and a collaborative approach. I also think women often navigate challenges with a deeper sense of persistence and adaptability, especially when facing societal biases or personal struggles.
How do you manage the balance between your personal life and the demands of being a founder? How important is it to have a support system (family, mentors, peers, etc)?
Being a founder requires effective management of personal life, as both aspects demand attention. I’ve experienced days when my venture needed most of my time, compromising my personal space. However, I also value time with family and friends, as both are complementary. My family, especially my son Advait, has played a vital role in Boon’s success, while my peers and friends have helped us build important industry connections and provided support during challenging times.
How do you envision your company evolving over the next 5-10 years?
In the next 5-10 years, I see Boon transforming how we access and perceive water, focusing on sustainability and transparency. With Boon Purify and Boon Refill, we aim to provide clean water in commercial settings while reducing plastic waste. Our proprietary technologies, WaterAI will enable real-time monitoring of water quality, ensuring transparency and safety for consumers. Ultimately, my vision for Boon is global, addressing clean water scarcity as a universal issue. We strive to balance affordability and sustainability, creating solutions that benefit both people and the planet.
What would be your key piece of advice for women who want to start their businesses in India today?
Entrepreneurship is a journey of resilience and growth. My advice for women starting businesses in India is to believe in your vision, even if others don’t. It’s normal to feel like giving up at times but keep learning and adapting. India is evolving, creating opportunities for women to lead. Surround yourself with supportive people and ask for help when needed. Your journey matters for you and other women who will be inspired by you. You don’t need to have all the answers right away. Start with what you have, and where you are, and trust that each step forward will contribute to something bigger.
