How Much Did DrinkPrime Raise? Funding & Key Investors

DrinkPrime has successfully navigated eight funding rounds, attracting a total of 26 investors, including notable names like Force Ventures and SIDBI Venture Capital. The company specializes in IoT-enabled water purifiers, offering innovative solutions on a rental basis to meet diverse consumer needs.

Keep reading to explore the intricacies of DrinkPrime's fundraising journey and the investors backing this innovative platform.

What Is DrinkPrime?

DrinkPrime, based in Bangalore, Karnataka, India, specializes in manufacturing IoT-enabled water purifiers. The company operates in the Internet of Things, Manufacturing, Water, and Water Purification industries.

With an employee count ranging from 101 to 250, DrinkPrime offers smart water purifiers on a rental basis, emphasizing benefits like zero machine cost, lifetime free maintenance, and a 7-day risk-free trial. The company aims to provide clean drinking water across various cities in India.

How Much Funding Has DrinkPrime Raised?

1. Series Unknown
   • Amount Raised: $3 million
   • Date: May 2024
   • Lead Investors: SIDBI Venture Capital Ltd.
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: The funds were likely aimed at further expansion and preparation for Series B fundraising.
2. Series A
   • Amount Raised: $7.5 million
   • Date: July 2022
   • Lead Investors: Omidyar Network India, 100Unicorns, Surge, Venture Catalysts
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: The funds were likely used to scale operations and enhance the technology behind their IoT-enabled water purifiers.
3. Debt Financing
   • Amount Raised: $1 million
   • Date: June 2021
   • Lead Investors: UC Inclusive Credit
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: The funds were likely used to support operational costs and expand market reach.
4. Seed
   • Amount Raised: $2.8 million
   • Date: August 2020
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: The funds were likely used to develop their subscription model and establish a stronger market presence.
5. Angel
   • Amount Raised: Not publicly disclosed
   • Date: August 2019
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: The funds were likely used to kickstart the company's operations and initial market entry.

DrinkPrime has raised a total of $14.3 million in funding. The current valuation is not publicly disclosed.

Key Investors

• SIDBI Venture Capital Ltd. (SVCL)
  • Details: SVCL is a fully owned subsidiary of the Small Industries Development Bank of India (SIDBI). It led a $3 million investment round in DrinkPrime.
  • Investment Focus Areas: Small and medium enterprises (SMEs), startups.
  • Notable Investments: Not publicly disclosed.
• Omidyar Network India
  • Details: Omidyar Network India is a social impact investment firm. It participated in a funding round in July 2022, raising Rs 60 crore ($7.5 million) for DrinkPrime.
  • Investment Focus Areas: Social impact, education, financial inclusion, digital identity.
  • Notable Investments: Not publicly disclosed.
• Peak XV's Surge
  • Details: Surge is a startup accelerator program by Peak XV. It led the pre-series A round in August 2021, raising about Rs 21 crore for DrinkPrime.
  • Investment Focus Areas: Early-stage startups.
  • Notable Investments: Not publicly disclosed.
• Force Ventures
  • Details: Force Ventures is a venture capital firm. It is one of the most recent investors in DrinkPrime.
  • Investment Focus Areas: Not publicly disclosed.
  • Notable Investments: Not publicly disclosed.
• UC Inclusive Credit
  • Details: UC Inclusive Credit is a financial institution. It was a key investor in the debt financing round in June 2021, raising INR 80 million for DrinkPrime.
  • Investment Focus Areas: Not publicly disclosed.
  • Notable Investments: Not publicly disclosed.

What's Next for DrinkPrime?

DrinkPrime is poised for significant growth as it plans to expand its services to more cities, leveraging the increasing demand for clean drinking water and the popularity of subscription-based models. With over 2 lakh families already benefiting from its IoT-enabled water purifiers, the company has a substantial market presence that can be further amplified.

As DrinkPrime prepares for its Series B fundraising round, the potential for securing additional capital is high, which will support its expansion and technological advancements. However, the company will need to navigate challenges such as competition from established brands and ensuring consistent service quality to maintain its growth trajectory.

Use Clay to Get Funding Data

Sales professionals, take your strategy to the next level by leveraging Clay’s platform to access comprehensive fundraising data on companies like DrinkPrime and gather other critical business insights.

Sign up for free to start exploring the wealth of information available at your fingertips and make informed decisions that drive success.