You are currently viewing [Funding alert] DrinkPrime raises Rs 8 Cr from UCIC and WesternCap

[Funding alert] DrinkPrime raises Rs 8 Cr from UCIC and WesternCap

DrinkPrime, the Bengaluru-based startup on a mission to make safe drinking water accessible and affordable to everyone, has raised Rs 8 crore as part of its debt fundraising in June 2021. 

The company raised Rs 5 crore from the impact-focused lender, UC Inclusive Credit, and Rs 3 crore 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.

Vijender Reddy Muthyala, Co-founder and CEO, DrinkPrime

Anil Kejriwal, Founder and CEO, Western Capital added, 

“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 said, “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, bringing a change to the existing drinking water scenario,” shared 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. It offers personalised water purifiers designed to perfectly purify drinking water depending on the water quality in an area. 

“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 had raised Rs 21 crore in a pre-Series A funding round last year.

YourStory’s flagship startup-tech and leadership conference will return virtually for its 13th edition on October 25-30, 2021. Sign up for updates on TechSparks or to express your interest in partnerships and speaker opportunities here.

For more on TechSparks 2021, click here.

Applications are now open for Tech30 2021, a list of 30 most promising tech startups from India. Apply or nominate an early-stage startup to become a Tech30 2021 startup here.

Source link

Leave a Reply