DrinkPrime raises ₹60 crores in Series A round led by Omidyar Network India, Surge Sequoia and 9Unicorns

The funding will help the IOT-enabled customized water purifier company reach 1 million homes in India by 2026

July 21: DrinkPrime, the IoT-enabled customized water purifier on subscription raised ₹60 crores in its Series A round. The company plans to invest in people, products and infrastructure to ensure they serve 1 million homes by 2026. The round was led by marquee investors like Omidyar Network India, Surge Sequoia and 9Unicorns at a time when the market is witnessing a steep capital crunch.

 Speaking about the fundraising and the roadmap for DrinkPrime, Vijender Reddy Muthyala, Co-founder and CEO, DrinkPrime, said, “DrinkPrime is a drinking water company not a water purifier manufacturer. We raised funds to move closer to our goal of making safe drinking water accessible to the majority of India. We will do everything it takes to ensure we serve 1 million subscribers by 2026.”

 The leading water purifier brand in Bengaluru has been growing exponentially over the past six months serving 1 lakh+ user across Bengaluru, Delhi, Faridabad, Ghaziabad, Gurgaon, Hyderabad and Noida.

 “Our subscriber base grew by 330% this year. With the rising interest in our service offering across several geographies, we expect to maintain the momentum we’ve picked up over the last few months,” said Manas Ranjan Hota, Co-founder and COO, DrinkPrime.

 Speaking about their decision to invest in DrinkPrime, Badri Pillapakkam, Partner, Omidyar Network India said, “We are delighted to continue our partnership with DrinkPrime which is increasing access to water purification devices and making quality drinking water on tap more affordable than bottled water and accessible to the Indian mass market, including the Next Half Billion. We look forward to supporting them in their journey to become the largest player in the consumer durable subscription market.”

“Safe drinking water remains one of the biggest challenges in India with around 50 per cent of the population having no access to it and this is all set to increase with time. In such a scenario, the need of the hour is to evaluate if technology can solve a part of it. As a part of our ESG investment approach, we invested in DrinkPrime which is making safe drinking water accessible to millions. Such solutions make a huge impact on the environment as it lessens the need for plastic. We expect some Unicorns to emerge from this space soon and DrinkPrime has huge potential, “said Dr. Apoorva Ranjan Sharma, Co-founder, Venture Catalysts & 9 Unicorns.

Aureolis Ventures, Kwaish Ventures and ZNL Growth Fund are a few other investors who participated in DrinkPrime’s Series A round in addition to participation from Northern Arc Capital and Unitus Capital in the debt capital raise.

“DrinkPrime has a unique business model which solves the fundamental problem of clean drinking water in urban cities in an environmentally responsible manner and has seen significant adoption of its tech-led water as a service offering. We are delighted to partner with DrinkPrime, given their strong mission orientation and their ambition to scale up this business,” said Bama Balakrishnan, Executive Director & COO, Northern Arc Capital. COVID-19 increased awareness of a wide range of issues related to health and wellbeing. With 37.7 million Indians affected by waterborne diseases in India yearly, the demand for DrinkPrime’s services will continue to grow as people return to their homes and offices in India’s urban areas.

If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Setting the new standard for cosmetic surgery- Dr Jason Emer

New Delhi (India), February 9: Body positivity is a topic that has garnered a lot of attention in today’s day and age. However, body positivity can take many forms, one of which is through a boost in cosmetic surgery. Yet, it is important to be careful since not everyone attempting these procedures can guarantee results. […]

Read More
Business

ELCINA Announces 12th SOURCE INDIA Summit To Create a Robust Buyer-Seller Roadmap for the Manufacturing Enterprises

12th SOURCE INDIA Summit aims to impart the importance and address challenges of the Indian Electronic and Semiconductor industry Aims to empower ESDM players and manufacturing enterprises for multi-fold growth on the remarkable stakeholder engagement front Chennai (Tamil Nadu) [India], February 8: ELCINA, India’s leading industry federation representing electronic and IT manufacturers, aims to support the […]

Read More
Business

A rising DJ and producer of electronic dance music is Spyke

New Delhi (India), February 8: One of the most intriguing and well-known names in the scene continues to be the Bangalore beloved dance music entertainer Spyke. Spyke is a tastemaker in his own right, and his impressive discography has contributed significantly to the growth of the electronic music scene, enhancing his standing as a major talent. […]

Read More