DrinkPrime on Wednesday said it has raised Rs 60 crore funding from Omidyar Network India, Surge Sequoia and 9Unicorns.
The company, which offers internet of things-enabled water purifiers on subscription basis, will be deploying the funds to expand its reach to serve 1 million homes by 2026, according to a statement.
The statement said that the company will also be investing in people and products.
According to its co-founder and chief executive Vijender Reddy Muthyala said its goal is to make safe drinking water accessible to the majority of India.
In the last six months of its operations, the Bengaluru-based company has signed up over 1 lakh users in Bengaluru, Delhi, Faridabad, Ghaziabad, Gurugram, Hyderabad and Noida, the statement said.
”Our subscriber base grew by 330 per cent this year. With the rising interest in our service offering across several geographies, we expect to maintain the momentum we’ve picked up over the last few months,” Manas Ranjan Hota, co-founder and chief operating officer of DrinkPrime, said.
Omidyar’s partner Badri Pillapakkam hinted that they had invested funds earlier as well by saying this is a continuation of partnership.
The company 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, the partner at the impact investing firm said.
9Unicorns’ co-founder Apoorva Ranjan Sharma said half of the country’s population does not have access to safe drinking water.
The space will see unicorns or companies with over USD 1 billion valuation to emerge soon, Sharma added.
Aureolis Ventures, Kwaish Ventures and ZNL Growth Fund are among other investors who participated in the funding round, the statement said, adding that it has also borrowed from Northern Arc Capital and Unitus Capital in a debt capital raise.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
