Fintech platform WeRize raises $15.5 million in the pre-series B round of funding led by 3one4Capital
- ByStartupStory | June 18, 2022
WeRize, a financial services company, has secured $15.5 million (Rs 121 crore) in a Pre-Series B fundraising round headed by 3one4 Capital, with Kalaari Capital, Picus Capital, and Orios Fund also participating. In the new round, Sony Innovation Fund and British International Investment joined as new investors.
The board of directors of WeRize has approved a special resolution to issue 31,670 Pre-Series B Compulsorily Convertible Preference Shares at a price of Rs 38,172.83 per share in order to raise $15.5 million.
3one4 Capital led the round with $5.031 million, followed by $2.01 million from Kalaari Capital, $2.01 million from Picus Capital, and $1.61 million from Orios Fund. Sony Innovation Fund and British International Investment, two new investors, each put in $2.01 million and $3.01 million.
The firm raised $8 million in a Series A investment from current investors in September 2021. WeRize is a socially distributed financial services platform that offers personalised credit, group insurance, and savings solutions to consumers in small towns across India. It was founded by former LendingKart executives Vishal Chopra and Himanshu Gupta in 2019.
The startup platform, which bills itself as the “Social Shopify of Finance,” has constructed a network of local freelance financial consultants/agents that distribute items made by the business, both in-house and in collaboration, to their social circles.
The company’s founder said that it claims to have 500,000 clients and plans to add two million more in the next three years, expanding its reach to over 4,000 small towns across the country. It has a gross-revenue annualised run-rate of $6.5 million, with around 15% month-on-month growth.
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