The company raised ₹5 crores from the impact-focused lender, UC Inclusive Credit, and ₹3 crores from the non-banking financial company, Western Capital
DrinkPrime, the startup on a mission to make safe drinking water accessible and affordable to everyone, raised ₹8 crores recently as part of their debt fundraising. The company raised ₹5 crores from the impact-focused lender, UC Inclusive Credit, and ₹3 crores from the non-banking financial company, Western Capital.
Since its inception in 2016, DrinkPrime has constantly focused on its mission of improving access to clean and safe drinking water. “We want to be the most convenient option when it comes to accessing safe drinking water. We, at DrinkPrime, are proud to serve more than 1 lakh users across Bengaluru, Hyderabad, and Delhi NCR. We are thankful to UC Inclusive Credit and Western Capital for their support to help us get closer to our dream of making safe drinking water accessible to everyone,” said Vijender Reddy Muthyala, Co-founder, and CEO, DrinkPrime.
Speaking about the investment in DrinkPrime, Anil Kejriwal, Founder, and CEO, Western Capital said, “We found that DrinkPrime identified the need to provide a solution to one of the critical demands – access to safe and affordable drinking water in urban areas. DrinkPrime’s vision of a healthy India is what motivated us to support them.”
He also added, “We found that the synergy between DrinkPrime and Western Capital will lead to the successful resolution of the underserved demand for safe drinking water in India. We believe that DrinkPrime will be able to create a niche in the segment and grow beyond expectations in three to four years. DrinkPrime has the potential to be one of the top players in the segment.”
“We are constantly trying to provide more people with access to safe drinking water. We will utilise the funds to ensure that we serve more people in the country, thereby, bring a change to the existing drinking water scenario. We are thankful to Western Capital and UC Inclusive Credit for believing in us. We look forward to a long and fruitful association with them,” said Manas Ranjan Hota, Co-founder, and COO, DrinkPrime.
DrinkPrime wanted to change the traditional one-size-fits-all water purification process and the water purifier ownership landscape. They offer personalised water purifiers designed to perfectly purify drinking water depending on the water quality in an area.
“DrinkPrime is a unique solution provider to the drinking water issues faced by consumers in India. They purify water according to the TDS of the area. This would create a huge impact on the “water space”. At UC Inclusive Credit, we are conscious about the kind of businesses we support and the foremost thing would be to look into the impact made by each of our lending decisions. DrinkPrime is leading a change in the water consumption space, which is one of the key areas for us to invest and make an impact,” said Deepak Srinivas, Co-founder, and Chief Business Officer, UC Inclusive Credit.
DrinkPrime was founded to provide a solution to the drinking water problem in India. With most of the water in the plastic cans being unsafe and with less than 5% of Indians actually owning a water purifier, the problem is real. It has been five years since the brand embarked on the journey to make safe drinking water accessible and affordable to everyone. Today, people in seven cities depend on them to access drinking water the safer way. DrinkPrime was featured on Forbes Asia 100 To Watch list recently. They had raised ₹21 crores in the pre-series A funding round last year.
Source: Business World