Subscription-based reverse osmosis (RO) water supplying startup, DrinkPrime has raised Rs 60 Crore in a mix of debt and equity funding round from various marquee investors.
The equity comes from Omidyar Network India, Sequoia Surge, and 9Unicorns, while the debt round led by Northern Arc Capital and Unitus Capital.
The round also saw participation from Aureolis Ventures, Kwaish Ventures and ZNL Growth Fund.
According to the company the equity investment was around Rs 30-35 crore while the rest was debt capital.
The company plans to use the funds to expand its product line and accelerate infrastructure development. It will also use the new capital to ‘invest in people’ and scale up its operations.
The Bengaluru-based DrinkPrime was founded in 2016 by Vijender Reddy and Manas Ranjan Hota, It works towards enabling access to clean drinking water with Internet of Things (IoT) – customized water purifiers on subscription for users. It uses technology to make drinking water affordable without the time-consuming process of installation or periodic maintenance.
“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 of DrinkPrime.
Hota said 37.7 million Indians in India are affected by waterborne diseases annually, and as people return to their homes and offices in India’s urban areas, the demand for Drinkprime’s services will continue to grow.
The company said its business model is growing and in the last six months, it has served 100,000 users across Bengaluru, Delhi, Faridabad, Ghaziabad, Gurugram, Hyderabad and Noida.
“Looking forward to serve more and more customers, solve more problems for them and to bring in innovation, efficiency and scalability in everything we do,” said, Sanjay Sunku, chief of strategy at DrinkPrime.
“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,” said, Badri Pillapakkam, partner, Omidyar Network India.
In August 2021, DrinkPrime had raised Rs 21 crore in its pre-series A funding round from Sequoia Capital India’s Surge with participation from Omidyar Network India.
DrinkPrime was started to solve a personal problem – How do we get access to clean, safe, and healthy drinking water? Seems simple, but here’s what they found.
First, most of the water you get in plastic cans isn’t fit for drinking. Second, less than 5% of Indians actually own a water purifier! That’s when they realised this wasn’t just a personal problem but an opportunity to help a lot of people.
It’s been five years since they started on this journey. Today, more than 25,000 households in 7 cities trust on them to access clean and safe drinking water!