Entrackr-Startup News India (1)

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Entrackr

• startup funding news

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Led by Sequoia, DrinkPrime raises pre-Series A
round Surge

• Water purifier startup Drink Prime has made sure
  about Rs 21.56 crore in its pre-Series A
  financing round drove by Sequoia Surge, as per
  Startup Funding News. The most recent tranche is
  a component of the companys ongoing seed funding
  round. Sequoia Surge drove the round with a
  speculation of Rs 12.7 crore while ON Mauritius
  mixed Rs 8.18 crore. AL Trust, Nikhil
  Jaisinghami, R Ramakrishnan, and Anand Ladsariya
  also invested in their capacities.
• DrinkPrime has allotted 64,613 pre-series A
  compulsorily convertible stock to the backers
  mentioned above at Rs 3,336 per share, shows
  regulatory filings. A component of the 15 new
  businesses chose by Sequoia Surge for its third
  associate in India and Southeast Asia, DrinkPrime
  was established in 2017 by Vijender Reddy
  Muthyala and Manas Ranjan Hota. The corporate
  makes smart water purifiers by combin ing the net
  of things (IoT) and water purification
  technologies, as per startup funding news.

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Startup Funding News
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Startup News India

• According to Startup Funding News, DrinkPrime has
  been valued at around Rs 85 crore after the most
  recent allotment of shares. Its promoters Reddy
  and Manas Hota's aggregate stake has been
  weakened from 56.2 to 41.68 post this
  exchange.The Bengaluru-based startup had received
  a complete of around Rs 6 crore in its seed
  funding from an inventory of investors including
  Kunal Bahl, Rohit Bansal, and Ankit Agarwal,
  among others in two previous tranches within the
  last 12 months.
• Apart from the fresh allotment of stock, both
  Surge and Omidyar also picked up shares from
  early backers Ganesh Subramaniam and Kapila
  Venkata Ramakrishna Rao. Ganesh and Rao had
  picked up 4,213 and 2,808 preferred stock
  respectively in
• DrinkPrimes maiden funding tranche at Rs 712 per
  share, as mentioned by Startup news India.While,
  startup funding news reported, Surge and ON
  Mauritius have entered during a SPA (shares
  purchase agreement) with the 2 individuals,
  finding out their shares in an exceedingly
  secondary transaction. While exact details of
  exits remain undisclosed, they need reaped in a
  minimum of 3X returns on their respective initial
  investment.
• Looking for more Startup Funding News or Startup
  News India?
• Stay Tuned with Entrackr!

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