Watertech startup DrinkPrime raises INR 60 Cr In Series A funding round led by Omidyar Network India, others

• ByStartupStory     |    July 21, 2022

DrinkPrime, a Bengaluru-based water purification firm, has secured INR 60 Cr in a combination of debt and equity as part of its Series A fundraising round led by Omidyar Network India, Sequoia Surge, and 9Unicorns. Other investors in the round included Aureolis Ventures, Kwaish Ventures, ZNL Growth Fund Northern Arc Capital, and Unitus Capital.

The funding will be used to strengthen the startup’s product line and accelerate infrastructure development. It will also utilize the additional money to ‘invest in people’ and expand its activities. “We’re excited to serve even more clients, tackle more problems for them, and bring innovation, efficiency, and scalability into everything we do,” said Sanjay Sunku, DrinkPrime’s chief strategy officer.

Currently, the business provides its services in 7 major cities, including Bengaluru, Delhi NCR, and Hyderabad. DrinkPrime says to have expanded by 330 percent so far this year and to have served 1 lakh consumers in seven cities. In the nascent space, DrinkPrime operates in a highly competitive environment with the likes of Swajal and OwO, among others.

Meanwhile, investors remain optimistic about the country’s expanding water tech sector. According to one research, the global market for water & wastewater technology was worth $64.4 billion in 2018, and it is expected to grow to $83 billion by 2023. OwO, a Gurugram-based water purification firm, acquired $3 million in seed investment in December of last year. Speciale Invest recently invested in another Bengaluru-based water tech business, Uravu Labs, for an unknown sum. Swajal received $1.6 million in investment from the Rajasthan Venture Capital Fund in February 2021.

ABOUT DRINKPRIME

DrinkPrime, launched in 2015 by Vijender Reddy Muthyala & Manas Ranjan Hota, describes itself as a “drinking water startup” that provides consumers with the Internet of Things (IoT)-powered customizable water purifiers on a subscription basis. The firm uses IoT to allow a seven-stage filtering process that provides safe drinking water to its clients. In 2020, it raised INR 21 Cr in a pre-Series A investment led by Omidyar Network India and Sequoia Surge.

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