D2C Water Purifier Brand DrinkPrime Bags $3 Mn From SIDBI Venture Capital, Others

D2C Water Purifier Brand DrinkPrime Bags $3 Mn From SIDBI Venture Capital, Others

SUMMARY

With this funding, the startup plans to develop its product portfolio and strengthen its IoT feature

DrinkPrime provides subscription-based water purification services to Indian households at costs as low as INR 333 a month

Since its inception, the startup has raised more than INR 77 Cr

Bengaluru-based drinkprime has raised $3 Mn in a fresh funding round led by SIDBI Venture Capital Ltd (SVCL), along with a few existing investors.

DrinkPrime’s cofounder and COO, Manas Ranjan Hota, said that the investment will empower the startup to accelerate expansion plans, develop its product portfolio and strengthen its industry-disrupting IoT feature.

“From 2021 to 2023, we have witnessed a remarkable 3X growth. The strategic investment is to set context for business expansion,” said Vijender Reddy Muthyala, cofounder and CEO, DrinkPrime.

SVCL’s investment in DrinkPrime aligns with its mission to support entrepreneurship and sustainable development in India. This collaboration highlights the fund’s commitment to backing innovative startups addressing societal challenges and contributing to economic growth, the startup said in a statement.

“We want to ensure DrinkPrime gets to expand and take its mission of providing clean, safe and healthy drinking water to all. Now, we look forward to DrinkPrime’s accelerated growth,” said Debraj Banerjee, Senior Fund Manager, SIDBI Venture Capital Ltd.

“I have seen DrinkPrime create change in an industry that was stagnant for decades. This is why I decided to double down my investment in DrinkPrime,” said Bharath Jaisinghani, executive director, Polycab India Ltd.

Founded in 2016, DrinkPrime provides subscription-based water purification services to Indian households at costs as low as INR 333 a month, installation and maintenance included. The startup’s RO machines come loaded with IoT tech and are customised to cater to the water purification needs of families living in different localities. 

Since its inception, the startup has raised more than INR 77 Cr ($9 Mn) from the likes of Venture Catalysts++, PeakXV and Omidyar Network which reflects investors’ trust in the founders’ business model.  

In 2022, the startup raised INR 60 Cr in a mix of debt and equity as part of its Series A funding round led by marquee investors such as Omidyar Network India, Sequoia Surge and 9Unicorns.

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