SVCL backs DrinkPrime, sets context for startup’s biz growth
SVCL’s investment in DrinkPrime aligns with its mission to foster entrepreneurship and promote sustainable development across India
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DrinkPrime, the disruptor of India’s 30-year-old water purifier industry, is now backed by SIDBI Venture Capital Ltd. (SVCL), an investment management company and a wholly owned subsidiary of SIDBI, the Apex Financial Institution in the country for the MSME sector.
With SVCL backing DrinkPrime alongside existing investors, confidence in the brand's potential and market position has further strengthened. The strategic investment raised from SVCL and existing investors is $3 million.
“We are excited to have SIDBI Venture Capital Ltd join the group of our long-standing investors. Their trust in us is not only a powerful endorsement of DrinkPrime’s innovative approach to the drinking water industry but also the faith in our exceptional growth journey. From 2021 to 2023, we have witnessed a remarkable 3X growth. The strategic investment is to set context for business expansion,” said Vijender Reddy Muthyala, Co-founder and CEO, DrinkPrime.
SVCL's investment in DrinkPrime aligns with its mission to foster entrepreneurship and promote sustainable development across India. This collaboration highlights the fund’s commitment to supporting innovative startups that address critical societal challenges and contribute to economic growth.
“We endeavour to work with the DrinkPrime team and make it the leading Watertech brand of India, while also presenting its unique offerings to the world. We want to ensure DrinkPrime gets to expand and take its mission of providing clean, safe and healthy drinking water to all. We believe in the mission and have seen them grow over the years. Now, we look forward to DrinkPrime’s accelerated growth,” said Debraj Banerjee, Senior Fund Manager, SIDBI Venture Capital Ltd.
About utilising the investment, Manas Ranjan Hota, Co-founder and COO, DrinkPrime said, “This strategic investment will empower DrinkPrime to accelerate expansion plans, develop our innovative product portfolio and strengthen our industry-leading and industry-disrupting Internet of Things (IoT) feature.”
Some of the existing investors being part of the strategic investment show the faith long-term investors have in DrinkPrime and the potential of the startup. “DrinkPrime has been disrupting India’s water purifier market for the past eight years. I have seen them explore, innovate and create change in an industry that was stagnant for decades. This is why I decided to double down my investment in DrinkPrime,” said Bharath Jaisinghani, Executive Director, Polycab India Ltd.
DrinkPrime currently provides clean, safe and healthy drinking water access to over 2 lakh families across seven cities in India.
