Tech startup Wiom raises Rs 140 crore to make unlimited internet affordable
Homegrown tech startup Wiom focused on democratising internet access in India on Thursday announced that it has raised Rs 140 crore in Series A round.
Homegrown tech startup Wiom focused on democratising internet access in India on Thursday announced that it has raised Rs 140 crore in Series A round. The Series A round was led by RTP Global while YourNest and Omidyar Network India, an investment firm focused on impact, also participated, along with Global Brain, Blume Founders Fund, Alteria Capital, Stride Ventures, Stride One and 9 Unicorns.
The company said that it will now focus on expanding its footprint to cities throughout India while investing in high-quality talent and distributed delivery architecture.
“Using cutting edge technological disruptions, Wiom paves the way for a future where connectivity knows no boundaries, where dreams can be realised, and where every Indian can harness the transformative power of the internet,” Satyam Darmora, founder of Wiom, said in a statement.
Home Wi-Fi penetration is currently 10 per cent, compared to the global average of 80-85 per cent. In an attempt to bridge this gap, the startup stated that Wiom's innovative model ensures that a large number of users can get unlimited internet at low prices, which could go a long way towards meeting India's growing internet demand.
The company is expected to reach more than 15 crore users in the next five years.
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.
Wiom's model taps into the transformative power of the PM-WANI framework, launched by the government of India, which aims to provide affordable internet access to 500 million Indians over the next five years.
Due to this framework, Wiom's customers can get affordable and unlimited internet starting at a mere Rs 10.
Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
01:13 PM IST