DrinkPrime raises ₹21 crore led by Sequoia Capital India’s Surge1 min read . Updated: 18 Aug 2020, 01:23 PM IST
- The money will help the Bengaluru-based start up strengthen its team and invest in its growth plans to reach to 1 million households in the next 3 years
NEW DELHI: Subscription-based water purifier startup DrinkPrime on Tuesday raised ₹21 crores ($3 million) in a Pre-Series A round led by Sequoia Capital India’s Surge with participation from Omidyar Network India.
The money will help the Bengaluru-based startup strengthen its team and invest in its growth plans to reach 1 million households in the next 3 years.
“We are currently operating in Bangalore and 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," said Vijender Reddy Muthyala, CEO and co-founder of DrinkPrime.
Founded by Muthyala and Manas Ranjan Hota in 2015 with a vision to provide safe drinking water to all, DrinkPrime uses technology to make drinking water affordable without the hassle of installation or periodic maintenance.
It does this by leveraging Internet of Things (IoT) technology and a seven-stage filtration process that gives its customers access to clean drinking water on tap while being charged on a ‘pay-as-you-use’ model.
DrinkPrime will use the funds to expand to top 10 Indian cities and expand its product portfolio to better serve its customer segments.
“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, i.e. those belonging to the lower 60 % of India’s economic distribution," said Badri Pillapakkam, Investment Partner, Omidyar Network India.