DrinkPrime, an IoT-enabled customised water purifier on subscription company, announced raising ₹60 crore in its Series A round. The round was led by investors like Omidyar Network India, Surge Sequoia and 9Unicorns. The company will use the raised funds to invest in people, products, and infrastructure to achieve its target of serving one million homes by 2026.
“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 want to ensure that we reach one million subscribers by 2026,” said Vijender Reddy Muthyala, Co-Founder and CEO, DrinkPrime.
In the last six months, the company has expanded to more than one lakh users spread across Bengaluru, Delhi, Faridabad, Ghaziabad, Gurgaon, Hyderabad and Noida.
“Our subscriber base grew by 330 per cent 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.
Apoorva Ranjan Sharma, Co-Founder, Venture Catalysts and 9Unicorns said, “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. Solutions provided by DrinkPrime make a huge impact on the environment as it lessens the need for plastic.”
Other investors who participated in this round included Aureolis Ventures, Kwaish Ventures, ZNL Growth Fund Northern Arc Capital, and Unitus Capital.