A reverse osmosis (RO) water supplying startup, DrinkPrime, has secured funding of Rs 60 crore ($7.5 million). The company intends to invest in people, products and infrastructure to provide its services to almost 1 million homes by 2026.
DrinkPrime is a subscription-based reverse osmosis (RO) water provider that has secured Rs 60 crore ($7.5 million) in equity and debt financing. While Omidyar Network India, Sequoia Surge, and 9Unicorns led the equity component, Northern Arc Capital and Unitus Capital led the loan component.
According to the corporation, the equity investment was about Rs 30-35 crore, with the remainder being loan money.
The funding round was also attended by Aureolis Ventures, Kwaish Ventures, and ZNL Growth Fund.
The Bengaluru-based business wants to invest in people, products, and infrastructure to reach one million homes by 2026, according to a statement released on Wednesday.
DrinkPrime, founded in 2016 by Vijender Reddy and Manas Ranjan Hota, strives to provide people with access to safe drinking water using Internet-of-Things (IoT)-enabled customisable water purifiers.
The firm employs technology to make drinking water more inexpensive without the time-consuming installation or maintenance processes.
Hota said, “DrinkPrime’s membership base surged by 330 percent this year. We expect to maintain the momentum we’ve achieved in recent months with increased interest in the company’s service offering across numerous geographies.”
According to the firm, its business model is expanding, and it has serviced 100,000 people across Bengaluru, Delhi, Faridabad, Ghaziabad, Gurugram, Hyderabad, and Noida in the last six months.
With 37.7 million Indians impacted by waterborne infections each year, Hota predicts that demand for DrinkPrime’s services would increase when people return to their homes and businesses in India’s metropolitan centers.
In August 2021, the company secured around Rs 21 crore in a pre-series A investment headed by Surge at Sequoia Capital India, with participation from Omidyar Network India.
Omidyar Network India, partner, Badri Pillapakkam, said, “We are excited to continue our collaboration with DrinkPrime, which is extending access to water filtration systems and making excellent drinking water on tap less expensive than bottled water and more accessible to the Indian mass market, including the next half billion.”