On Tuesday, Water purifier startup DrinkPrime announced about their raising of Rs 21 crore ($3 million) in its pre-Series A round. Sequoia Capital’s scale-up programme Surge, led the round, along with the participation from social imapact-focused investment firm Omidyar Network India. T
is an Bengaluru-based startup, which will be using the freshly raised funds to strengthen the team and for growing their plans.
Badri Pillapakkam, who is thd Investment Partner at Omidyar Network India, said-
“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.”
DrinkPrime was basically founded in 2015 by Vijender Reddy Muthyala and Manas Ranjan Hota. The startup is successful in creating smart water purifiers by leveraging Internet of Things (IoT) technology and also by a seven-stage filtration process. It even allows users to subscribe, so that they can use the company’s advanced modular water purifiers.
CEO and Co-founder Vijender said – “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.”
Thus year, in April, DrinkPrime raised an amount in its seed round. Angel investors Bharat Jaisinghani, Abhishek Goyal of Tracxn, and FirstCheque participated in the round. Other investors also participated, including Ankit Agarwal, Director of Innoven Capital; Harpreet Singh Grover.
Co-founder of Cocubes; and Sanjay Sunku, Founder and CEO of Versatiletech, among others. DrinkPrime is also have the support of the founders of Snapdeal, Kunal Bahl and Rohit Bansal, GrowthStory’s founders Meena and Krishnan Ganesh, and Bounce, among others.