The subscription-based reverse osmosis (RO) water supplying startup DrinkPrime raised USD 7.5 million in Series A funding. The Bangalore, India-based startup, raised funds on July 20, 2022. Omidyar Network India, Surge Sequoia and 9Unicorns led the financing for the firm. Northern Arc Capital and Unitus Capital also joined in the investment. Meanwhile, Aureolis Ventures, Kwaish Ventures and ZNL Growth Fund also participated in the funding round.
The transaction was a mixture of equity and debt. The equity funding by Omidyar Network India, Sequoia Surge, and 9Unicorns comprised around USD 3.25 million (approximately INR 30- 35 crores).
Purpose of Funding by DrinkPrime
The RO water supplying startup intends to use the latest capital infusion for investing in its product offerings. Meanwhile, DrinkPrime plans to ramp up its hiring operations. The company seeks to focus on enhancing infrastructure in order to offer its services to around one million homes by 2026.
Earlier in August 2021, the firm raised around USD 2.6 million (INR 21 crore) in a pre-series A round. Sequoia Capital India’s Surge led the financing back then, along with the participation from Omidyar Network India.
What the company officials have to say
“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 at DrinkPrime.
“Looking forward to serving more and more customers, solving more problems for them and bringing in innovation, efficiency and scalability in everything we do,” said Sanjay Sunku, chief of strategy at DrinkPrime.
What the investor has to say
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.”
About DrinkPrime
Vijender Reddy and Manas Ranjan Hota co-founded the Bangalore-based startup DrinkPrime. The platform came into existence in 2016. The company offers internet of things-enabled water purifiers on a customised-basis on subscription to its users.
The platform’s technology makes drinking water affordable, eradicating the time-consuming process of installation or periodic maintenance. Since its inception, the company has already served 100,000 users across Bengaluru, Delhi, Faridabad, Ghaziabad, Gurugram, Hyderabad and Noida.
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