DrinkPrime, a subscription-based reverse osmosis (RO) water supply startup, has raised $3 million from SIDBI Venture Capital Ltd. (SVCL), an investment management firm and wholly owned subsidiary of SIDBI. Existing investors also participated in the round, according to the company’s press release issued today, May 15.
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The Bengaluru-based firm raised Rs 60 crore ($7.5 million) in an equity and debt round led by Omidyar Network India and others in July 2022. Prior to that, it raised approximately Rs 21 crore in a pre-series A investment led by Peak XV’s surge in August 2021. According to a press release issued by the company today, May 15, current investors also took part in the round.
DrinkPrime will use these funds to strengthen its market position.
DrinkPrime was founded in 2016 by Vijender Reddy and Manas Ranjan Hota with the goal of providing people with Internet-of-Things (IoT)-enabled customisable water purifiers on a subscription basis.
DrinkPrime presently supplies safe drinking water to more than 2 lakh families in seven Indian cities. DrinkPrime is also preparing for its Series B fundraising campaign, which will help support future development goals.
DrinkPrime states that instead of paying one-time and ongoing maintenance costs for their home water filtration systems, clients can opt to become subscribers to the company’s water filtration services.
“We want to ensure that DrinkPrime can expand and fulfill its objective of delivering clean, safe, and healthy drinking water to everybody. We believe in the purpose and have witnessed its growth over the years. Now, we look forward to DrinkPrime’s rapid expansion,” said Debraj Banerjee, senior fund manager at SIDBI Venture Capital Ltd.
“This strategic investment will enable DrinkPrime to accelerate expansion plans, develop our innovative product portfolio, and strengthen our industry-leading and industry-disrupting Internet of Things (IoT) feature,” said Manas Ranjan Hota, co-founder and COO of DrinkPrime, regarding this investment and the utilization of funds.
In July 2022, the Bengaluru-based company raised Rs 60 crore ($7.5 million) through a combination of loan and equity finance, with Omidyar Network India leading the way. Prior to that, in August 2021, it raised more than Rs 21 crore in its pre-series A funding, which was led by Peak XV Surge.
According to TheKredible, a startup data intelligence platform, DrinkPrime recorded an operational revenue of Rs 28.94 crore and a loss of Rs 27 crore for FY23.
In the subscription model, DrinkPrime competes with Livpure, Acquaguard, ZunPure, Swajal, and OwO, among others.
