Total amount raised
₹1.7 Billions
Latest funding date
Location
Wiom has successfully raised $17.1 million in a Series A funding round, attracting the attention of 12 investors, including RTP Global and 100Unicorns. The company offers internet services tailored to middle and lower-middle-income households, acting as a Public Data Office Aggregator (PDOA).
Keep reading to explore the intricacies of Wiom's fundraising journey and the investors backing this innovative platform.
What Is Wiom?
Wiom, founded in 2020 by Satyam Darmora, is a technology company based in New Delhi, India. The company specializes in providing internet services to middle and lower-middle-income households, operating as a Public Data Office Aggregator (PDOA).
Wiom offers a range of services, including free Wi-Fi, secure internet connections, and hotspot setup services. The company aims to bridge the digital divide by making internet access more affordable and accessible.
With a team of 101-250 employees, Wiom continues to grow and expand its reach, driven by its mission to connect underserved communities to the digital world.
How Much Funding Has Wiom Raised?
- Seed Round
- Amount Raised: ₹300M
- Date: April 2022
- Lead Investors: 100Unicorns, YourNest Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial infrastructure and expand the user base.
- Series A
- Amount Raised: ₹1.4B
- Date: July 2023
- Lead Investors: RTP Global
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Wiom's footprint across India, invest in high-quality talent, and enhance its distributed delivery architecture.
- Debt Financing
- Amount Raised: Not disclosed
- Date: July 2023
- Lead Investors: Not disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely to support operational expenses and short-term financial needs.
Wiom has raised a total of ₹1.7B in funding. The current valuation is not publicly disclosed.
Key Investors
- RTP Global
- Details: RTP Global is a venture capital firm that invests in early-stage technology companies.
- Investment Focus Areas: Technology startups, early-stage investments, innovative solutions.
- Notable Investments: Delivery Hero, Yandex, Cred.
- YourNest
- Details: YourNest is an early-stage venture capital firm based in India, focused on nurturing technology-driven startups.
- Investment Focus Areas: Technology, deep tech, IoT, AI.
- Notable Investments: Uniphore, Mycity4kids, Arya.ai.
- Omidyar Network India
- Details: Omidyar Network India is an investment firm focused on impact investments that aim to create social good.
- Investment Focus Areas: Education, financial inclusion, digital identity.
- Notable Investments: 1mg, Aspiring Minds, Dailyhunt.
- Global Brain
- Details: Global Brain is a venture capital firm based in Japan, supporting startups with innovative technologies and business models.
- Investment Focus Areas: Technology, AI, IoT, robotics.
- Notable Investments: SmartNews, Mercari, Rapyuta Robotics.
- Blume Founders Fund
- Details: Blume Founders Fund is part of Blume Ventures, an early-stage venture capital firm in India.
- Investment Focus Areas: Early-stage startups, technology, consumer internet.
- Notable Investments: Dunzo, Unacademy, GreyOrange.
What's Next for Wiom?
Wiom's future is brimming with opportunities. With the recent Series A funding, the company is poised to expand its services across India, aiming to reach over 150 million users in the next five years. Leveraging the PM-WANI framework, Wiom plans to create 50 million hotspots, significantly increasing home Wi-Fi penetration from the current 10% towards the global average of 80-85%. This ambitious expansion aligns with the growing demand for affordable and unlimited internet access, especially among middle and lower-middle-income households.
Future fundraising opportunities seem promising, given the successful Series A round and the substantial market potential. The announcement of Together Fund II, focused on SaaS and AI startups, indicates a favorable environment for securing additional investments. However, Wiom will face challenges such as intense competition, regulatory hurdles, and the need to maintain service quality while scaling operations. Navigating these obstacles will be crucial for Wiom to achieve its mission of democratizing internet access in India.
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