DrinkPrime Raises INR 60 Crore in Series A Round
Funds will be utilized to invest in people, product and infrastructure to ensure they serve one million homes by 2026
DrinkPrime on Wednesday announced to have raised INR60 crore in its Series A round. Funds will be utilized to invest in people, product and infrastructure to ensure they serve one million homes by 2026. The round was led by marquee investors like Omidyar Network India, Surge Sequoia and 9Unicorns.
"DrinkPrime is a drinking water company not a water purifier manufacturer. We raised funds to move closer to our goal of making safe drinking water accessible to the majority of India. We will do everything it takes to ensure we serve one million subscribers by 2026," said Vijender Reddy Muthyala, co-founder and CEO, DrinkPrime.
"We are delighted to continue our partnership with DrinkPrime which is increasing access to water purification devices and making quality drinking water on tap more affordable than bottled water and accessible to the Indian mass market, including the next half billion," said Badri Pillapakkam, partner, Omidyar Network India
COVID-19 increased awareness on a wide range of issues related to health and wellbeing. With 37.7 million Indians affected by waterborne diseases in India yearly, the demand for DrinkPrime's services will continue to grow as people return to their homes and offices in India's urban areas. Aureolis Ventures, Kwaish Ventures and ZNL Growth Fund are a few other investors who participated in DrinkPrime's Series A round in addition to participation from Northern Arc Capital and Unitus Capital in the debt capital raise. The leading water purifier brand in Bengaluru has been growing exponentially over the past six months serving over one lakh users across Bengaluru, Delhi, Faridabad, Ghaziabad, Gurgaon, Hyderabad and Noida.