SIDBI Venture Capital Ltd. (SVCL), an investment management firm and a fully owned subsidiary of SIDBI, is the lead investor in DrinkPrime, a subscription-based reverse osmosis (RO) water delivery startup, having raised $3 million.
Participants in the round included the company’s current investors.
In July 2022, Omidyar Network India and other investors led a round of debt and equity financing that brought in Rs 60 crore ($7.5 million) for the Bengaluru-based startup. Before that, in August 2021, Peak XV’s Surge led the pre-series A round, which raised about Rs 21 crore.
Using Internet-of-things (IoT)-enabled customized water purifiers that users can subscribe to, DrinkPrime was founded in 2016 by Vijender Reddy and Manas Ranjan Hota with the goal of facilitating access to clean drinking water.
Currently, over 2 lakh families in seven Indian cities have access to clean drinking water thanks to DrinkPrime. In addition to planning for more expansion, DrinkPrime is getting ready for its Series B fundraising.
DrinkPrime’s competitors in the subscription market are ZunPure, Livpure, and Acquaguard.
