Companies

WeRize raises ₹120 crore from British International Investment, others

Haripriya Sureban | Updated on: Jun 23, 2022
These funds will further help in doubling down in the company’s mission to profitably provide financial services to the underserved customers in more than 4,000 small cities of India

These funds will further help in doubling down in the company’s mission to profitably provide financial services to the underserved customers in more than 4,000 small cities of India | Photo Credit: undefined undefined

Funds to be used to accelerate growth, build new financial products for its customers, expand and improve the technology platform as well as onboard freelancers

WeRize, a full stack financial services platform, has raised $15.5 million from new investors, British International Investment (BII) and Sony Innovation Fund. Existing investors — 3one4 capital, Kalaari Capital, Picus Capital and Orios Venture Partners — also participated in the round. With this round, the company has raised a total of $25.75 million.

The company will use the funds to accelerate growth, build new financial products for its customers, expand and improve the technology platform as well as onboard freelancers in more than 1,000 new towns that it is set to enter.

WeRize is already operationally profitable with an annualised revenue run-rate of $10 million as of May 2022 and expects to achieve EBITDA profitability at the group level over the next few months, said the company.

Vishal Chopra and Himanshu Gupta, co-founders of WeRize, said, “Our unique full-stack approach has helped us achieve rapid scale growth while maintaining solid unit economics. We have reached more than $10-million revenue run-rate while doubling our revenues every six months, and are just a few months away from being EBITDA positive at group level.”

These funds will further help in doubling down in the company’s mission to profitably provide financial services to the underserved customers in more than 4,000 small cities of India, they added.

WeRize intends to build India’s largest full stack financial services brand for 300 million middle-class customers who live in more than 4,000 small towns of India. It manufactures credit, savings and group insurance products designed for this customer base keeping in mind their needs, requirements and purchasing power, with a view to add a layer of financial security to their lives and enable access to credit.

Published on June 23, 2022
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