Snapdeal founders back water purifier startup Drink Prime

Water purifier startup Drink Prime has raised over Rs 3.6 crore ($478200) as part of its seed round of funding from a clutch of investors including Snapdeal founders, VCCircle has learnt.

Besides the founders of Snapdeal, Kunal Bahl and Rohit Bansal, angel investor Bharath Jaisinghani and Ankit Agarwal, who is the director at Innoven Capital, also participated in the round.

Email queries sent to Snapdeal founders and Drink Prime did not immediately elicit a response till the time of filing this article.

Bengaluru-based Drink Prime, operated by Waterwala Labs Pvt. Ltd, was founded in 2017 by Vijender Reddy Muthyala and Manas Ranjan Hota. The company makes smart water purifiers by combining the internet of things (IoT) and water purification technologies as it seeks to address the drinking water problem in urban India.

The startup handles installation, relocation and maintenance of the purifiers for its customers. The customers have to pay the company for the amount of pure water they consume by subscribing to its subscription plans, according to its website.

A slew of startups using IoT to solve various problems have been attracting investor attention.

Earlier in the day, IoT-based wireless access control startup Spintly raises pre-Series A funding.

Last month, Singularity Automation Pvt. Ltd, which provides an IoT-based platform to budget hotels and companies that offer shared accommodation, raised its first round of institutional funding from IvyCap Ventures.

In February, Altor, a startup that builds IoT and artificial intelligence-enabled helmets, received funding from startup incubator and accelerator Venture Catalysts.

In November last year, VCCircle reported that Accel invested in IoT product solution and services startup.

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