Total amount raised
₹1.1 Billions
Latest funding date
05/01/2024
Location
DrinkPrime has successfully raised $3 million in early-stage funding, with investors including Force Ventures and SIDBI Venture Capital. The company specializes in IoT-enabled water purifiers, offering innovative solutions for clean drinking water.
Keep reading to explore the intricacies of DrinkPrime's fundraising journey and the investors backing this promising platform.
What Is DrinkPrime?
DrinkPrime, founded on March 10, 2016, is based in Bangalore, Karnataka, India. The company specializes in manufacturing IoT-enabled water purifiers, aiming to provide clean and safe drinking water.
Founded by Manas Hota and Vijender Reddy, DrinkPrime offers smart water purifiers that use RO and UV technology. These purifiers are available on a subscription basis, with various plans tailored to different water consumption needs.
Currently, DrinkPrime employs between 101 and 250 people, reflecting its growth and commitment to innovation in water purification technology.
How Much Funding Has DrinkPrime Raised?
- Round Name: Angel Round
- Amount Raised: Not publicly disclosed
- Date: August 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at initial product development and market entry.
- Round Name: Seed Round
- Amount Raised: ₹210M
- Date: August 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Round Name: Seed Round
- Amount Raised: Not publicly disclosed
- Date: April 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at expanding market reach and improving technology.
- Round Name: Seed Round
- Amount Raised: Not publicly disclosed
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at further product development and market expansion.
- Round Name: Debt Financing
- Amount Raised: ₹80M
- Date: June 2021
- Lead Investors: UC Inclusive Credit
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational costs and expand service areas.
- Round Name: Series A
- Amount Raised: ₹600M
- Date: July 2022
- Lead Investors: 100Unicorns, Omidyar Network India, Surge, Venture Catalysts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand the customer base.
- Round Name: Debt Financing
- Amount Raised: Not publicly disclosed
- Date: July 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at supporting operational costs and further expansion.
- Round Name: Venture Round
- Amount Raised: ₹249.8M
- Date: May 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To facilitate further expansion and prepare for Series B fundraising.
Total Amount Raised: ₹1,139.8M
Current Valuation: Not publicly disclosed
Key Investors
- SIDBI Venture Capital Ltd. (SVCL)
- Details: SIDBI Venture Capital Ltd. is an investment management firm and a fully owned subsidiary of SIDBI. It focuses on supporting small and medium enterprises (SMEs) and startups.
- Investment Focus Areas: SMEs, startups, various sectors
- Notable Investments: Not specified in the sources
- Omidyar Network India
- Details: Omidyar Network India is a social impact investment firm. It invests in ventures that aim to create positive social change.
- Investment Focus Areas: Education, financial inclusion, governance
- Notable Investments: 1mg, Aspiring Minds, Quikr
- Peak XV's Surge
- Details: Peak XV's Surge is a rapid scale-up program for startups in India and Southeast Asia. It provides capital and support to early-stage startups.
- Investment Focus Areas: Early-stage startups, high growth potential
- Notable Investments: Classplus, Khatabook, Doubtnut
- UC Inclusive Credit
- Details: UC Inclusive Credit is an investment firm that focuses on providing credit to underserved markets. It aims to support financial inclusion.
- Investment Focus Areas: Financial inclusion, underserved markets
- Notable Investments: Not specified in the sources
- Force Ventures
- Details: Force Ventures is an investment firm that supports innovative startups. It aims to back companies with high growth potential.
- Investment Focus Areas: Innovative startups, high growth potential
- Notable Investments: Not specified in the sources
What's Next for DrinkPrime?
DrinkPrime is poised for significant growth as it plans to expand its services beyond the current seven cities, aiming to serve millions of households across India. The increasing demand for clean drinking water and the adoption of IoT technology present substantial opportunities for the company.
With a Series B fundraising round on the horizon, DrinkPrime is well-positioned to attract further investment, fueling its expansion and technological advancements. However, the company will need to navigate challenges such as competition from established brands and ensuring consistent service quality as it scales.
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