{"id":15146,"date":"2022-07-21T05:45:22","date_gmt":"2022-07-21T05:45:22","guid":{"rendered":"https:\/\/latestgoldnews.com\/index.php\/2022\/07\/21\/drinkprime-raises-%e2%82%b960-crores-in-series-a-round-led-by-omidyar-network-india-surge-sequoia-and-9unicorns\/"},"modified":"2022-07-21T05:45:22","modified_gmt":"2022-07-21T05:45:22","slug":"drinkprime-raises-%e2%82%b960-crores-in-series-a-round-led-by-omidyar-network-india-surge-sequoia-and-9unicorns","status":"publish","type":"post","link":"https:\/\/latestgoldnews.com\/index.php\/2022\/07\/21\/drinkprime-raises-%e2%82%b960-crores-in-series-a-round-led-by-omidyar-network-india-surge-sequoia-and-9unicorns\/","title":{"rendered":"DrinkPrime raises \u20b960 crores in Series A round led by Omidyar Network India, Surge Sequoia and 9Unicorns"},"content":{"rendered":"
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The funding will help the IOT-enabled customized water purifier company reach 1 million homes in India by 2026<\/em><\/span><\/p>\n

July 21:<\/span><\/strong>\u00a0DrinkPrime, the IoT-enabled customized water purifier on subscription raised \u20b960 crores in its Series A round. The company plans to invest in people, products and infrastructure to ensure they serve 1 million homes by 2026. The round was led by marquee investors like Omidyar Network India, Surge Sequoia and 9Unicorns at a time when the market is witnessing a steep capital crunch.<\/span><\/p>\n

\u00a0Speaking about the fundraising and the roadmap for DrinkPrime, Vijender Reddy Muthyala, Co-founder and CEO, DrinkPrime, said, \u201cDrinkPrime is a drinking water company not a water purifier manufacturer. We raised funds to move closer to our goal of making safe drinking water accessible to the majority of India. We will do everything it takes to ensure we serve 1 million subscribers by 2026.\u201d<\/span><\/p>\n

\u00a0The leading water purifier brand in Bengaluru has been growing exponentially over the past six months serving 1 lakh+ user across Bengaluru, Delhi, Faridabad, Ghaziabad, Gurgaon, Hyderabad and Noida.<\/span><\/p>\n

\u00a0\u201cOur subscriber base grew by 330% this year. With the rising interest in our service offering across several geographies, we expect to maintain the momentum we\u2019ve picked up over the last few months,\u201d said Manas Ranjan Hota, Co-founder and COO, DrinkPrime.<\/span><\/p>\n

\u00a0Speaking about their decision to invest in DrinkPrime, Badri Pillapakkam, Partner, Omidyar Network India said, “We are delighted to continue our partnership with DrinkPrime which is increasing access to water purification devices and making quality drinking water on tap more affordable than bottled water and accessible to the Indian mass market, including the Next Half Billion. We look forward to supporting them in their journey to become the largest player in the consumer durable subscription market.\u201d<\/span><\/p>\n

“Safe drinking water remains one of the biggest challenges in India with around 50 per cent of the population having no access to it and this is all set to increase with time. In such a scenario, the need of the hour is to evaluate if technology can solve a part of it. As a part of our ESG investment approach, we invested in DrinkPrime which is making safe drinking water accessible to millions. Such solutions make a huge impact on the environment as it lessens the need for plastic. We expect some Unicorns to emerge from this space soon and DrinkPrime has huge potential, \u201csaid Dr. Apoorva Ranjan Sharma, Co-founder, Venture Catalysts & 9 Unicorns.<\/span><\/p>\n

Aureolis Ventures, Kwaish Ventures and ZNL Growth Fund are a few other investors who participated in DrinkPrime\u2019s Series A round in addition to participation from Northern Arc Capital and Unitus Capital in the debt capital raise.<\/span><\/p>\n

\u201cDrinkPrime has a unique business model which solves the fundamental problem of clean drinking water in urban cities in an environmentally responsible manner and has seen significant adoption of its tech-led water as a service offering. We are delighted to partner with DrinkPrime, given their strong mission orientation and their ambition to scale up this business,\u201d said Bama Balakrishnan, Executive Director & COO, Northern Arc Capital. COVID-19 increased awareness of a wide range of issues related to health and wellbeing. With 37.7 million Indians affected by waterborne diseases in India yearly, the demand for DrinkPrime\u2019s services will continue to grow as people return to their homes and offices in India\u2019s urban areas.<\/span><\/p>\n

If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.<\/em><\/p>\n

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The post DrinkPrime raises \u20b960 crores in Series A round led by Omidyar Network India, Surge Sequoia and 9Unicorns<\/a> appeared first on Republic News Today<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Read Time:3 Minute, 0 Second The funding will help the IOT-enabled customized water purifier company reach 1 million<\/p>\n","protected":false},"author":1,"featured_media":15147,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[54],"class_list":["post-15146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business"],"_links":{"self":[{"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/posts\/15146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=15146"}],"version-history":[{"count":0,"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/posts\/15146\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/media\/15147"}],"wp:attachment":[{"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=15146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=15146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/latestgoldnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=15146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}