DrinkPrime raises ₹60 crore in Series A round led by Omidyar Network India, Surge Sequoia and 9Unicorns
Summary
We raised funds to move closer to our goal of making safe drinking water accessible to the majority of India. With the rising interest in our service offering across several geographies, we expect to maintain the momentum weve picked up over the last few months, said Manas Ranjan Hota, Co-founder and COO, DrinkPrime.Speaking 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.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. We expect some Unicorns to emerge from this space soon and DrinkPrime has huge potential, said Dr. Apoorva Ranjan Sharma, Co-founder, Venture Catalysts & 9Unicorns.Aureolis Ventures, Kwaish Ventures and ZNL Growth Fund are a few other investors who participated in DrinkPrimes Series A round in addition to participation from Northern Arc Capital and Unitus Capital in the debt capital raise.DrinkPrime 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, said Bama Balakrishnan, Executive Director & COO, Northern Arc Capital.COVID-19 increased awareness on a wide range of issues related to health and wellbeing.