Total amount raised
$25.8 Millions
Latest funding date
06/01/2022
Location
WeRize has successfully raised multiple funding rounds, with the latest being a Series B round. The platform offers a range of customized financial products, including credit, insurance, and savings, specifically designed for middle-class families in small towns across India.
Keep reading to explore the intricacies of WeRize's fundraising journey and the investors backing this innovative platform.
What Is WeRize?
WeRize, founded on January 10, 2019, is a financial services platform based in Bangalore, Karnataka, India. The company was established by Himanshu Gupta and Vishal Chopra.
Operating in industries such as banking, credit cards, financial services, fintech, insurtech, lending, and personal finance, WeRize employs between 501 and 1000 people. The platform targets middle-class families in tier 2-4 cities, offering customized credit, insurance, and savings products through a social distribution model.
How Much Funding Has WeRize Raised?
- Seed Round
- Amount Raised: $2.3M
- Date: January 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop its initial financial products.
- Series A
- Amount Raised: $8M
- Date: September 2021
- Lead Investors: 3one4 Capital, Kalaari Capital, Orios Venture Partners, Picus Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and expand its financial services offerings.
- Series B
- Amount Raised: $15.5M
- Date: June 2022
- Lead Investors: 3one4 Capital, Kalaari Capital, Orios Venture Partners, Picus Capital, British International Investment, Sony Innovation Fund
- Valuation at Round: $115M
- Motivation Behind the Round: To accelerate growth, develop new financial products, and expand the technology platform.
Total Amount Raised: $25.8M. Current Valuation: $115M.
Key Investors
- 3one4 Capital
- Details: 3one4 Capital is an early-stage venture capital firm based in India. They focus on investing in technology-driven startups.
- Investment Focus Areas: Technology, financial services, consumer products.
- Notable Investments: Licious, Darwinbox, Betterplace.
- Kalaari Capital
- Details: Kalaari Capital is a venture capital firm that invests in early-stage technology startups in India. They have a strong focus on supporting innovative and disruptive companies.
- Investment Focus Areas: Technology startups, e-commerce, digital content, enterprise software.
- Notable Investments: Dream11, Cure.fit, Myntra.
- Orios Venture Partners
- Details: Orios Venture Partners is an early-stage venture capital firm in India. They focus on investing in technology startups with high growth potential.
- Investment Focus Areas: Fintech, SaaS, consumer internet.
- Notable Investments: Pharmeasy, GoMechanic, Zupee.
- Picus Capital
- Details: Picus Capital is a global venture capital firm that invests in early-stage technology-driven startups. They aim to support companies that have the potential to create significant impact.
- Investment Focus Areas: Fintech, proptech, healthtech.
- Notable Investments: Personio, Razor Group, Xentral.
- British International Investment (BII)
- Details: BII is a development finance institution that invests in businesses and projects in developing countries. Their goal is to drive economic growth and create jobs.
- Investment Focus Areas: Economic growth, job creation, financial services, infrastructure, renewable energy.
- Notable Investments: Zola Electric, M-KOPA, Greenlight Planet.
What's Next for WeRize?
WeRize is poised for significant growth, with plans to expand into over 4,000 small towns across India. The company aims to onboard two million families in the next three years, leveraging a network of 50,000 freelance consultants to distribute customized financial products. This expansion targets a market of 300 million middle-class customers, presenting a substantial opportunity for growth.
Future fundraising opportunities appear promising, as WeRize's recent valuation of $115 million and its rapid growth trajectory are likely to attract continued interest from both existing and new investors. The company’s focus on developing new financial products and enhancing its technology platform will further bolster its appeal to potential investors.
However, WeRize may face challenges such as scaling operations while maintaining profitability, competition from other fintech companies, and regulatory hurdles. Ensuring the quality and reliability of its freelance consultants will also be crucial as the company expands. Despite these challenges, WeRize's strategic approach and strong market position suggest a bright future ahead.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay’s platform to access comprehensive fundraising data on companies like WeRize and gather other critical business insights.
Sign up for free to start unlocking valuable information that can drive your sales success.
