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RO water supplying startup DrinkPrime raises Rs 60 crore in funding

DrinkPrime, a subscription-based reverse osmosis (RO) water supplying startup, has raised Rs 60 crore ($7.5 million) in a mix of equity and debt funding.

While the equity component was led by Omidyar Network India, Sequoia Surge, and 9Unicorns, the debt came from Northern Arc Capital and Unitus Capital.

The company told ET that the equity investment was around Rs 30-35 crore while the rest was debt capital.

Aureolis Ventures, Kwaish Ventures and ZNL Growth Fund also participated in the funding round.

The Bengaluru-based startup plans to invest in people, products and infrastructure to offer its services to around one million homes by 2026, it said in a statement on Wednesday.

Founded in 2016 by Vijender Reddy and Manas Ranjan Hota, DrinkPrime works towards enabling access to clean drinking water with Internet-of-Things (IoT)-enabled customised water purifiers on subscription to users.

The startup uses technology to make drinking water affordable without the time-consuming process of installation or periodic maintenance.

“Our subscriber base grew by 330% this year. With the rising interest in our service offering across several geographies, we expect to maintain the momentum we’ve picked up over the last few months,” Hota said.

The startup said its business model has been growing and in the past six months, it has served 100,000 users across Bengaluru, Delhi, Faridabad, Ghaziabad, Gurugram, Hyderabad and Noida.

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, Hota added.

In August 2021, the firm raised around Rs 21 crore in a pre-series A round led by Sequoia Capital India’s Surge with participation from Omidyar Network India.

“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.

RO water supplying startup DrinkPrime raises Rs 60 crore. Congratulations to the entire team for your funding. I wish you great success in this endeavour.

Shishir Gupta, Founder and CEO, StartupLanes

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