Bangalore-based Start-up, DrinkPrime Raises Rs. 21 Crore Pre-Series A Funding Round

DrinkPrime, the Bangalore-based water purifier start-up has announced that it has raised Rs. 21 crore in its pre-Series A round. The round was led by Omidyar Network India, with participation from Sequoia Surge. DrinkPrime will use the current financing to fuel its expansion. The Company has plans to strengthen its team and invest in growth plans.

“Clean drinking water is a basic right and yet an unsolved problem for millions of Indian households. We believe that DrinkPrime’s innovative direct-to-consumer business model, which makes quality drinking water more affordable, will help improve the lives of India’s next half billion, those belonging to the lower 60 percent of India’s economic distribution. We are delighted to partner with them in their quest for creating meaningful and healthy lives,” says Badri Pillapakkam, Investment Partner, Omidyar Network India, commenting on the investment.

DrinkPrime was founded in 2015 by Vijender Reddy Muthyala and Manas Ranjan Hota. The start-up has created smart water purifiers by leveraging Internet of Things (IoT) technology and a seven-stage filtration process.

We aim to reach a million households in the next couple of years and be true to our vision

It allows users to subscribe to use the company’s advanced modular water purifiers, with a pay-as-you-use model.

“We are looking to expand to multiple geographies this year. Now, with a much more robust product, our customers’ love for DrinkPrime is pushing us to grow rapidly. We aim to reach a million households in the next couple of years and be true to our vision,” says Vijender Reddy Muthyala, CEO & Co-Founder, DrinkPrime.

DrinkPrime is currently operating only in Bengaluru, however the firm is planning to expand its presence to the top 10 Indian cities, and further expand its product portfolio.

Also in recent times, DrinkPrime raised an undisclosed amount in its seed round. Angel investors Bharat Jaisinghani, Abhishek Goyal of Tracxn, and FirstCheque had participated in the round. Other prominent investors also participated, including Ankit Agarwal (Director, Innoven Capital), Harpreet Singh Grover (Co-founder, Cocubes) and Sanjay Sunku (Founder & CEO, Versatiletech) among others. DrinkPrime is also backed by founders of Snapdeal, Kunal Bahl and Rohit Bansal, GrowthStory’s Founders Meena and Krishnan Ganesh, and Bounce, among others.