DrinkPrime specializing in RO water supply raises $3M from SIDBI Ventures

DrinkPrime, a Bengaluru-based startup specializing in reverse osmosis (RO) water supply, has raised $3 million in funding from SIDBI Venture Capital Ltd. (SVCL). The round also saw participation from existing investors.Publish

Campus Fund, Unitus Capital, Northern Arc, Venture Catalysts++, Kwaish Ventures, Surge, Omidyar Network India are some of its notable backers. 

What is the purpose of fundraising?

The startup plans to use the raised capital to bolster its market presence. 

Manas Ranjan Hota, co-founder and COO of DrinkPrime said that the capital would be utilized to accelerate their expansion plans, enhance their innovative product offerings, and further develop their industry-leading Internet of Things (IoT) capabilities. 

What does DrinkPrime do?

Founded in 2016 by Vijender Reddy and Manas Ranjan Hota, DrinkPrime offers IoT-enabled customizable water purifiers on a subscription basis.

This model allows customers to access clean and safe drinking water without the burden of one-time and ongoing maintenance costs associated with home water filtration systems.

Currently, The startup claims to serves over 200,000 families across seven major Indian cities.

"From 2021 to 2023, we have witnessed a remarkable 3X growth. The strategic investment is to set context for business expansion," said Vijender Reddy Muthyala, Co-founder and CEO of DrinkPrime.

Who are DrinkPrime’s competitors?

In the competitive sector of water purification, DrinkPrime is among several companies that offer products under a subscription model, similar to competitors like Livpure, Aquaguard, ZunPure, Swajal, and OwO.

These services generally provide the benefits of convenience and enhanced safety for water consumption.

However, DrinkPrime distinguishes itself in the market through its integration of IoT technology in its products, which it promotes as a unique feature that enhances user experience and functionality.

"We want to ensure that DrinkPrime can expand and fulfill its objective of delivering clean, safe, and healthy drinking water to everybody. We believe in the purpose and have witnessed its growth over the years. Now, we look forward to DrinkPrime’s rapid expansion," said Debraj Banerjee, senior fund manager at SIDBI Venture Capital Ltd.