admin WeRize, a full stack financial services platform, has managed to raise $15.5 million from brand new investors which includes names like British International Investment (BII) and Sony Innovation Fund. Their current investors — 3one4 capital, Kalaari Capital, Picus Capital and Orios Venture Partners — were also part of this round. With this round, the company has raised a whopping total of $25.75 million.
These funds will be used by the company to fast track their growth, develop new financial products for their customers, expand and improve their technology platform as well as onboard freelancers in more than 1,000 new towns that it has decided to set up their bases in.
Currently, WeRize is already operationally profitable. As of May 2022, their annual revenue run rate is $10 million. Their predictions are that they are set to achieve EBITDA profitability at the group level over the next few months, said the company.
Co-founders of WeRize, Vishal Chopra and Himanshu Gupta, were optimistic about their unique full stack approach that has helped them achieve growth and scaling in a rapid manner. They achieved this while maintaining solid unit economics. “We were able to reach north of a $10-million revenue run rate and at the same time doubling our revenues every six months. We are only a few months away from being EBITDA positive at group level.”
These funds are going to further help in doubling down in the mission of the company to provide financial services to the underserved customers in a profitable manner. They further added that their customer base is in more than 4,000 small cities of India.
WeRize’s main intention is to build the largest full stack financial services brand in India for 300 million middle class customers who live in more than 4,000 small towns of India. Their main task is to manufacture credit, savings and group insurance products specifically designed for this customer base while also keeping in mind their needs, requirements and purchasing power. A further view is to add a layer of financial security to their lives and enable access to credit and financial stability
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