Drinkprime, a Bengaluru-based watertech startup, has raised $3 million in a Series B funding round led by SIDBI Venture Capital Ltd (SVCL), along with several existing investors.
Manas Ranjan Hota, DrinkPrime’s COO and Co-Founder, expressed that this investment will fuel the startup’s expansion initiatives, enhance its product range, and fortify its industry-redefining IoT capabilities.
“Our growth has been phenomenal, with a threefold increase between 2021 and 2023. This significant investment paves the way for our company’s growth,” said DrinkPrime’s Co-Founder and CEO, Vijender Reddy Muthyala.
In a statement, the startup emphasized that SVCL’s investment in DrinkPrime aligns perfectly with its mission to foster entrepreneurship and sustainable development in India. This collaboration underscores the fund’s dedication to supporting innovative startups that tackle societal issues while driving economic growth.
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Debraj Banerjee, Senior Fund Manager at SIDBI Venture Capital Ltd, expressed the firm’s commitment to supporting DrinkPrime’s mission of delivering clean, safe, and healthy drinking water to all. He emphasized their anticipation of DrinkPrime’s accelerated growth and expansion.
“I’ve seen DrinkPrime drive revolutionary change in a business that had been static for decades. That is why I have decided to double down on my investment in DrinkPrime,” said Bharath Jaisinghani, Executive Director of Polycab India Ltd.
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Established in 2016, DrinkPrime offers subscription-based water purification services to Indian households, starting at just INR 333 per month, which covers installation and maintenance. The startup’s RO machines are equipped with IoT technology and tailored to meet the specific water purification requirements of families residing in various localities.
Since its founding, the startup has garnered over INR 77 crore ($9 million) in funding from notable investors such as Venture Catalysts++, PeakXV, and Omidyar Network, underscoring the confidence investors have in the founders’ business model.
In 2022, the startup secured INR 60 crore in a combination of debt and equity during its Series A funding round, spearheaded by prominent investors including Omidyar Network India, Sequoia Surge, and 9Unicorns.
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