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DrinkPrime raises $3 Mn from SIDBI Ventures

EntrackrEntrackr · 1y ago
DrinkPrime raises $3 Mn from SIDBI Ventures
Medial

DrinkPrime, a subscription-based reverse osmosis (RO) water supplying startup, has raised $3 million from SIDBI Venture Capital Ltd. (SVCL), an investment management company and a wholly owned subsidiary of SIDBI. The Bengaluru-based startup had raised Rs 60 crore ($7.5 million) in a mix of equity and debt round led by Omidyar Network India, others in July 2022. Prior to that, it raised around Rs 21 crore in its pre-series A round led by Peak XV’s Surge in August 2021. Founded in 2016 by Vijender Reddy and Manas Ranjan Hota, DrinkPrime works towards enabling access to clean drinking water with Internet-of-Things (IoT)-enabled customised water purifiers on subscription to users. DrinkPrime currently provides clean drinking water access to over 2 lakh families across seven cities in India. With further expansion plans, DrinkPrime is also gearing up for its Series B fundraise. According to startup data intelligence platform, TheKredible, DrinkPrime reported an operating revenue of Rs 28.94 crore with a loss of Rs 27 crore in FY23. In the subscription model, DrinkPrime competes with Livpure, Acquaguard and ZunPure.

UN warns against thirsty tech to solve water crisis

Economic TimesEconomic Times · 1y ago
UN warns against thirsty tech to solve water crisis
Medial

A UN report warns that while new technologies are being touted as solutions to the world's freshwater shortage, they could cause serious problems if not managed properly. Climate change-related droughts have affected more than 1.4 billion people between 2002 and 2021, and over 2 billion people currently lack access to safe drinking water. The report calls for increased water education, data collection, and investment to address the crisis. Additionally, certain emerging technologies, such as artificial intelligence and carbon capture and storage, require large volumes of water and energy, raising concerns about their sustainability. The extraction of critical minerals for renewable energy also poses risks to water quality.

Exclusive: DrinkPrime raises fresh money at 30% valuation premium

EntrackrEntrackr · 7d ago
Exclusive: DrinkPrime raises fresh money at 30% valuation premium
Medial

Exclusive: DrinkPrime raises fresh money at 30% valuation premium DrinkPrime, a subscription-based reverse osmosis (RO) water supplying startup, has raised Rs 20 crore in fresh funding from Artha Venture Fund and Mirabilis Investment Trust. According to DrinkPrime’s filings with the Registrar of Companies (RoC), its board approved the allotment of 21,718 Series A3 CCPS and 10 equity shares at an issue price of Rs 9,205 per share to raise Rs 20 crore. Artha Venture Fund and Mirabilis Investment Trust have invested Rs 10 crore during the round. According to the filing, the proceeds will be utilized in line with the company’s approved business plan. As per Entrackr’s estimates, DrinkPrime’s valuation has jumped to Rs 340 crore (approximately $37 million) in the latest round compared to Rs 261 crore in its previous funding round. Following the allotment in the latest round, Artha Continuum Fund and Mirabilis Investment Trust hold a 2.94% stake each in DrinkPrime on a fully diluted basis. The Bengaluru-based startup had previously raised $3 million in a funding round led by SIDBI Venture Capital Ltd. Founded in 2016 by Vijender Reddy Muthyala and Manas Ranjan Hota, DrinkPrime operates a subscription-based water purifier platform that offers IoT-enabled purifiers to households. DrinkPrime reported a 54% increase in operating revenue to Rs 72.13 crore in FY25 from Rs 46.81 crore in FY24, while its loss decreased to Rs 11.53 crore from Rs 14.14 crore during the same period.

Non-drinking water filtration brand WaterScience secures funding from Velocity

EntrackrEntrackr · 6m ago
Non-drinking water filtration brand WaterScience secures funding from Velocity
Medial

Non-drinking water filtration brand WaterScience secures funding from Velocity The fresh funds will be used to accelerate its growth trajectory, strengthen brand marketing initiatives, and introduce new product categories, WaterScience said in a press release. Non-drinking water filtration brand WaterScience has secured Rs 1.4 crore in funding from Velocity, a growth capital platform backed by Peter Thiel’s Valar Ventures. The fresh funds will be used to accelerate its growth trajectory, strengthen brand marketing initiatives, and introduce new product categories, WaterScience said in a press release. Co-founded in 2014 by Sudeep Nadukkandy, Pavithra Rao, and Mohammed Iqbal, WaterScience addresses critical water quality issues that affect over 95% of household water use beyond drinking. The company offers more than 40 products across categories including shower & tap filters, appliance filters, kitchen filters, water softeners, and whole-house filtration systems for hard water, chlorine & other contaminants. Commenting on the announcement, Pavithra Rao, Co-Founder, WaterScience, said, “This funding is a strong validation of our mission to make water safer and healthier for every Indian home. With Velocity’s support, we will scale faster and innovate across new categories, ensuring that WaterScience continues to set the benchmark for water solutions in India. Having already reached 2 million homes, we are excited to add another 1 million this year.” Currently, WaterScience claims that its products are present in over 2 million Indian homes, and the company is aiming to add 1 million more homes in FY25-26. It also claims to have a 70% year-on-year growth and strong presence across marketplaces like Amazon, Flipkart, Shopify, and more than 1,000 offline retailers. Backed by Peter Thiel's Valar Ventures, Velocity has partnered with more than 4,000 D2C and digital-first brands, disbursing over Rs 1,100 crore in funding.

“Disabling cyberattacks” are hitting critical US water systems, White House warns

ArstechnicaArstechnica · 1y ago
“Disabling cyberattacks” are hitting critical US water systems, White House warns
Medial

The Biden administration has warned governors that the US's drinking water and wastewater systems are being targeted by "disabling cyberattacks" from hostile foreign nations. In a letter, officials highlighted recent hacking threats, including an incident in which Iranian hackers disabled water facility equipment using a known default password. They also mentioned a hacking group supported by the Chinese government, which was discovered to have maintained a presence in critical infrastructure networks for up to five years. The administration urged water facilities to implement basic security measures and called for a meeting to discuss better securing the water sector's critical infrastructure. A Water Sector Cybersecurity Task Force is also being formed by the EPA.

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