DrinkPrime, a Bengaluru-based startup offering subscription-based reverse osmosis (RO) water solutions, has successfully raised $3 million in a recent funding round led by SIDBI Venture Capital Ltd. (SVCL), with participation from existing investors.
This funding marks another milestone in DrinkPrime’s journey to provide clean drinking water access to households across India. The startup, founded in 2016 by Vijender Reddy and Manas Ranjan Hota, aims to tackle the challenge of water purification through innovative IoT-enabled water purifiers available on a subscription basis.
The latest investment follows a previous round in July 2022, where DrinkPrime raised Rs 60 crore ($7.5 million) in a mix of equity and debt, led by Omidyar Network India. Before that, the company secured around Rs 21 crore in its pre-series A round, led by Peak XV’s Surge in August 2021.
With its subscription model, DrinkPrime competes with other players in the market, such as Livpure, Acquaguard, and ZunPure. However, DrinkPrime’s focus on IoT technology and customized solutions sets it apart, offering users convenience and efficiency in accessing clean drinking water.
Currently, DrinkPrime serves over 2 lakh families across seven cities in India and plans to expand its reach further. The startup’s commitment to providing affordable and sustainable water solutions has garnered attention from investors, leading to its upcoming Series B fundraising efforts.
The investment from SIDBI Ventures underscores confidence in DrinkPrime’s mission and its potential to address a critical need for safe drinking water in India. With this latest funding, DrinkPrime is well-positioned to accelerate its growth and make clean water accessible to even more households in the country.
