WeRize is aiming to grow its first socially distributed full stack financial services platform for families in small town India. To augment its growth it has raised around $15.5 million in a Pre-Series B funding round led by its existing investor 3one4 Capital, along with participation from Kalaari Capital, Picus Capital, and Orios Fund.
The startup aim is to manufacture and distribute customized lending, banking, group insurance* and savings products for 300Mn customers and their families in 4000+ small towns across India and help them rise in their lives.
Founded by former LendingKart executives Vishal Chopra and Himanshu Gupta in 2019, WeRize is a socially distributed financial services platform that offers customised credit, group insurance, and savings products to users residing in small towns in India.
Positioning itself the ‘Social Shopify of Finance’, the startup platform has built a network of local freelance financial consultants/agents who distribute products developed by the startup, both in-house and in partnership, in their social circles.
WeRize touts itself as Social Shopify of Finance
The company reportedly have around 500,000 customers, and aims to onboard two million families in the next three years and grow its presence to over 4,000 small cities across the country. It is currently at a gross-revenue annualised run-rate of $6.5 million, with almost 15 percent month-on-month growth, the founders said.
New investors—Sony Innovation Fund and British International Investment—also came on board in the fresh round.
In September 2021, the startup had raised $8 million in a Series A round from the existing investors.
As per the company’s regulatory filing with RoC, WeRize’s board has passed a special resolution to allot 31,670 Pre-Series B Compulsorily Convertible Preference Shares at an issue price of Rs 38,172.83 per share to raise $15.5 million (Rs 121 crore).
Leading the round, 3one4 Capital infused Rs 38.74 crore ($5.031 million) while Kalaari Capital, Picus Capital, and Orios Fund invested Rs 15.5 crore ($2.01 million), Rs 15.5 crore ($2.01 million), and Rs 12.4 crore ($1.61 million), respectively. New investors Sony Innovation Fund and British International Investment have invested Rs 15.5 crore ($2.01 million) and Rs 23.25 crore ($3.01 million), respectively.