DrinkPrime raises funds from UCIC, WesternCap
Since its inception in 2016, DrinkPrime has focused on improving access to clean and safe drinking water. We want to be the most convenient option when it comes to accessing safe drinking water.
Hyderabad: DrinkPrime raised Rs 8 crore as part of its debt fundraising. 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 focused on 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 one lakh users across Bengaluru, Hyderabad, and Delhi NCR,” said Vijender Reddy Muthyala, co-founder & CEO, DrinkPrime.
Speaking about the investment in DrinkPrime, Anil Kejriwal, founder & 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. 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.”
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 purify drinking water depending on the water quality in an area.
“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, 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 five per cent of Indians owning a water purifier, the problem is real.
The company was featured on Forbes Asia 100 To Watch list recently. They had raised Rs 21 crore in the pre-series A funding round last year.
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