Bengaluru-based smart water purifier manufacturer DrinkPrime posted a revenue increase of over 58% in FY24, reaching Rs 44.77 crore compared to Rs 30.10 crore in FY23.
Founded in 2016, the consumer tech brand offers smart water purifiers on a subscription model with zero lifetime maintenance and machine costs. DrinkPrime is currently present in over 3 lakh households across 9 cities in India.
Founded by Vijender Reddy and Manas Ranjan Hota, the company has raised a total of Rs 136.51 crore through 12 funding rounds. The latest round, a debt financing round, was raised in June 2024.
The co-founders each hold a 14.99% stake in the company, with ESOPs accounting for 9.30% of the shares, while Surge Ventures and Omidyar Network hold significant stakes in the company.
The company’s expenses grew by over 7%, with employee benefit costs accounting over 30% of total expenses, up from over 28% in FY23. However, advertisement and finance costs decreased to over 14% and 4%, respectively, of total expenses in FY24.
Despite these improvements, DrinkPrime remains unprofitable, booking a loss of Rs 14.14 crore in FY24, down from Rs 37.38 crore in FY23. However, the EBITDA margin improved significantly, rising to -11.6% in FY24 from -64.15% in FY23 while, the ROCE reached to -145.44% in FY24 from -129.95% in FY23.