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DrinkPrime, 'pay-as-you-use water purifier' start-up, raises Rs 21 crore

DrinkPrime allows users to subscribe-to-use the company's water purifiers, rather than bearing upfront costs

Topics
start-up | Water purifiers | Series A funding

Press Trust of India  |  Bengaluru 

capex, expenditure, defence, funding, cash, capital, budget, crunch, liquidity, money
The raise will help the company to strengthen its team and invest in its growth plans, it said in a statement

DrinkPrime,a Bengaluru-based 'pay-as-you-use water purifier' start-up, said on Tuesday it has raised Rs 21 crore ($3 million) in a Pre Series A round from Omidyar Network India and Sequoia Surge.

The raise will help the company to strengthen its team and invest in its growth plans, it said in a statement.

DrinkPrime said it allows users to subscribe-to-use the company's water purifiers, rather than bearing upfront costs and ongoing servicing charges for water purifying systems in their homes.

DrinkPrime has created smart water purifiers, leveraging Internet of Things (IoT) technology and a seven- stage filtration process, that give its customers access to clean drinking water on tap while being charged on apay-as- you-use model, it said.

DrinkPrime was founded by Vijender Reddy Muthyala and Manas Ranjan Hota in 2015.

The DrinkPrime service is currently operational in Bengaluru, and the company will use the funds to expand to top 10 Indian cities and expand its product portfolio, the statement said.

Vijender Reddy Muthyala said: "We aim to reach a million households in the next couple of years".

First Published: Tue, August 18 2020. 15:06 IST
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