Start of financial serviceslifted around Rs 121 billion ($15.5 million) in a Pre-Series B Funding Round led by its existing investor 3one4 Capital, as well as the participation of Capital Kalaari, Capital Picus, and Orios Fund.
New investors—Sony Innovation Fund and British international investment– also came on board in the new round.
In accordance with the company’s regulatory filing with the RoC, WeRize’s Board of Directors has passed a special resolution to allot 31,670 Pre-Series B Compulsory Convertible Preference Shares at an issue price of Rs 38,172.83 per share to raise $15.5 million (Rs 121 crore).
At the head of the round, 3one4 Capital infused 38.74 million rupees ($5.031 million) while Capital Kalaari, Capital Picus, and Orios funds invested Rs 15.5 million ($2.01 million), Rs 15.5 million ($2.01 million) and Rs 12.4 billion ($1.61 million), respectively. New investors Sony Innovation Fund and British International Investment have invested Rs 15.5 million ($2.01 million) and Rs 23.25 crore ($3.01 million), respectively.
WeRize deposits with the RoC
In September 2021, the startup had raised $8 million in a A-Series circle of existing investors.
Founded by former LendingKart executives Vishal Chopra and Himanshu Gupta in 2019, WeRize is a socially distributed financial services platform that offers personalized credit, group insurance and savings products to users residing in small towns in India.
Called “Social Shopify of Finance”, the startup platform has built a network of local independent financial consultants/agents who distribute the products developed by the startup, both internally and in partnership, in their social circles.
The company claims to currently have approximately 500,000 customersand aims to integrate two million families over the next three years and increase its presence to more than 4,000 small towns Across the country. It is currently at an annualized gross revenue run rate of $6.5 milliongrowing nearly 15% month over month, the founders said.
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