[Funding alert] Water purifier startup DrinkPrime raises seed round
DrinkPrime, a Bengaluru-based ‘water purifier on subscription’ startup, has raised an undisclosed amount in its seed round of funding, from investors including Abhishek Goyal (Tracxn), Bharat Jaisinghani, and FirstCheque.
Bharat Jaisinghani, an angel investor, said,
“DrinkPrime is a futuristic company with an innovative business model, driven by customer-centricity. It is run by a very passionate and young team which believes that every Indian family deserves to have clean drinking water without worrying about the cost of purchasing the equipment.”
Other prominent investors also participated including Ankit Agarwal, Director of Innoven Capital; Harpreet Singh Grover, Co-founder of Cocubes; Sanjay Sunku, Founder and CEO of Versatiletech, among others.
“DrinkPrime solves the massive problem by giving consumers access to safe and quality drinking wate,r in the luxury of their own homes, via an internet-connected water-purifier. All consumers have to do is make a small monthly subscription payment for the amount of water consumed,” added Kushal Bhagia, CEO, FirstCheque.
DrinkPrime aims to solve India’s drinking water crisis and redefine water purifying technology in today’s smart devices market. The amount raised will help the startup develop better ways of serving its growing clientele through its state-of-the-art technology, and best-in-class self-monitoring water purifying devices. DrinkPrime had raised an angel round in August 2019.
“We, at DrinkPrime, believe every Indian should have convenient, and affordable access to clean drinking water — this has always been our mission and what we work towards every day,” said Vijender Reddy, Co-founder and CEO of DrinkPrime.
DrinkPrime's ‘water purifier subscription’ service installs the water purifier in subscriber’s homes, charging only monthly subscription fees based on water consumption. Subscribers do not need to pay for the device, installation or maintenance costs. Unlike other branded water purifiers, the startup said there is no upfront cost of Rs. 15,000 or Rs. 20,000, or an AMC of Rs 5,000 with spares extra.
Built from the ground-up, DrinkPrime purifier comes with IoT integrated circuits which helps monitor the quality of its filters and components in real-time, and schedule services proactively to ensure pure and safe drinking water. The regular maintenance service, spares change, or any other issue-resolution is free. The company has over 25,000 users in Bangalore and has recently begun services in Hyderabad.
Manas Ranjan Hota, Co-Founder of DrinkPrime, said,
“Our goal is to deliver better service to more cities and communities. It has always been our dream that in the near future, every Indian home will have safe drinking water.”
DrinkPrime claims to be the only purifying service that continues to serve over 25,000 users across Bangalore during the coronavirus lockdown - a time when access to clean water is most important.
Edited by Aparajita Saxena