DrinkPrime, a water purifier startup from Bengaluru offering subscription-based water purification services to Indian households, has raised $3 million in a fresh funding round. The investment was led by SIDBI Venture Capital Ltd (SVCL), along with participation from existing investors.
With this funding, the startup plans to develop its product portfolio and strengthen its Internet of Things (IoT) feature. Manas Ranjan Hota, DrinkPrime’s co-founder and COO, stated that the investment will empower the company to accelerate its expansion plans, enhance its product offerings, and fortify its industry-disrupting IoT technology.
Since its inception in 2016, DrinkPrime has raised more than INR 77 crore (approximately $9.5 million). The company provides water purification services to Indian households at costs as low as INR 333 (around $4) per month, including installation and maintenance.
“From 2021 to 2023, we have witnessed a remarkable 3X growth. The strategic investment is to set the context for business expansion,” said Vijender Reddy Muthyala, co-founder and CEO of 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 at SIDBI Venture Capital Ltd.
Bharath Jaisinghani, Executive Director of Polycab India Ltd, an existing investor in DrinkPrime, said, “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.”
DrinkPrime’s RO machines come loaded with IoT technology and are customized to cater to the water purification needs of families living in different localities.
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