According to recent reports, subscription-based reverse osmosis (RO) water supplying company, DrinkPrime has managed to raise nearly Rs. 60 crores in a mix of debt as well as equity funding.
In addition to this, it is being said that the company will be soon deploying the funds to simply expand its reach as well as to serve about 1 million homes by 2026, as noted in a statement.
Also, it is probably worth noting that, while the equity component of the funding is said to be led by Omidyar Network India, Sequoia Surge, and 9Unicorns, the debt on the other hand came from Unitus Capital as well as Northern Arc Capital. The company said in a statement that the equity investment is just about Rs. 30-35 crores, while the rest was debt capital.
Furthermore, founded all the way back in 2016 by Manas Ranjan Hota along with Vijender Reddy, DrinkPrime is a platform that is seen working towards enabling access to clean drinking water with the internet of things (IoT) enabled water purifiers to users on a subscription basis.
However, the startup simply is known to make use of technology to make drinking water much more affordable, and that too without the time-consuming process of periodic maintenance or even installation for that matter. “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.
Know that, the startup said that its so-called business model has been rapidly growing and in the past six months or so, it has been able to serve about 10,000 users all across Delhi, Faridabad, Noida, Ghaziabad, Bengaluru, Hyderabad as well as Gurugram of course.
“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. Not to mention, the firm managed to have raised nearly Rs. 21 crores in a pre-series A round which was 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.
Reading so far, I hope you must have gotten a fair insight into DrinkPrime and its recent fundraiser and by now I believe you will be decided on your own whether or not you think it was worth it and whether you think the company will have a bright future.
In conclusion, what are your thoughts on DrinkPrime’s fundraiser? Do let us know in the comments area below. To know more about such reports, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!
Also, read that Indian start-up PharmEasy plans a $200 million fundraising at a lower valuation!