Telecom startup Wiom has scooped Rs 140 crore (approximately $17 million) in a Series A round led by RTP Global. This is also the first investment raised by the Delhi-based startup in 2023.
The round also saw participation from YourNest, Omidyar Network India, Global Brain, Blume Founders Fund, Alteria Capital, Stride Ventures, Stride One and 9 Unicorns.
Wiom will now focus on expanding its footprint to cities throughout India while investing in high-quality talent and distributed delivery architecture, the company said in a press release.
Founded by Satyam Darmora, Nishit Aggarwal, Ashutosh Mishra, and Maanas Dwivedi, Wiom provides affordable unlimited internet to middle and lower-middle income households through its platform-led distribution model.
As of April last year, Wiom had over 10,000 subscribers. The company now aims to serve 5 crore homes and 50 crore individuals in the next 5 years.
Wiom has raised around Rs 175 crore (over $21 million) to date including a Seed round of Rs 30 crore in April 2022. Prior to its Series A round, Satyam Darmora held around 32% shares in the company while Omidyar Network, Auxano Ventures and Yournest Innovative Products owned 11.3%, 7.8% and 7.1% stakes, as per Fintrackr’s data.
Wiom is yet to disclose its FY23 financials. During FY22, it recorded over 2X growth in scale to Rs 5.56 crore as compared to Rs 2.5 crore in FY21. As per the company’s financial statement with the RoC, it also managed to control its losses by nearly 33% to Rs 3.2 crore in FY22 against Rs 4.8 crore in FY21.
