We report the synthesis of 2-(3-sulfonatomesityl)-5-sulfonatoindenyl)dicyclohexylphosphine hydrate sodium salt and its use in palladium-catalyzed Suzuki–Miyaura and Sonogashira coupling reactions in water (and biphasic water–organic solvent mixtures) to prepare a variety of functionalized biaryls and aryl alkynes in excellent yield.