Wiom, a startup in the telecom industry, has raised Rs 140 crore (about $17 million) in a Series A round led by RTP Global. Additionally, this is the Delhi-based startup’s first investment of 2023.
YourNest, Omidyar Network India, Global Brain, Blume Founders Fund, Alteria Capital, Stride Ventures, Stride One, and 9 Unicorns all participated in the round as well.
According to a press release from the company, Wiom will now concentrate on growing its presence across Indian cities while putting money into distributed delivery architecture and top-notch talent.
Wiom, a platform-led distribution company founded by Satyam Darmora, Nishit Aggarwal, Ashutosh Mishra, and Maanas Dwivedi, offers affordable unlimited internet access to households with middle- and lower-middle-class incomes.
Wiom had over 10,000 subscribers as of April of last year. In the upcoming five years, the company now wants to serve 5 crore homes and 50 crore people.
Over $21 million has been raised for Wiom so far, including a Seed round of Rs 30 crore in April 2022. According to press data, Satyam Darmora owned approximately 32% of the company’s shares prior to its Series A round, while Omidyar Network, Auxano Ventures, and Yournest Innovative Products held 11.3%, 7.8%, and 7.1% of the company’s equity, respectively.
Wiom has not yet released financial data for FY23. From Rs 2.5 crore in FY21 to Rs 5.56 crore in FY22, it experienced a scale increase of over 2X. According to the company’s financial report filed with the RoC, it also succeeded in reducing losses by almost 33% to Rs 3.2 crore in FY22 from Rs 4.8 crore in FY21.
