Wiom Raises $17M to Bridge the Divide of Affordable Internet

Delhi-based telecom and technology startup, Wiom, announced on Thursday that it has successfully raised Rs 140 crore ($17 million) in a Series A funding round led by RTP Global.

The funding round also saw participation from YourNest and Omidyar Network India, along with several other investors, including Global Brain, Blume Founders Fund, Alteria Capital, Stride Ventures, Stride One, and 9 Unicorns.

Wiom’s primary mission is to democratize access to affordable internet across India by leveraging the PM-WANI framework to provide affordable internet access to 500 million Indians over the next five years. Wiom’s customers can enjoy affordable and unlimited internet through this framework starting at just Rs 10.

Impressive Growth and Expansion Plans

Within a short span of 18 months, Wiom has managed to build a substantial user base of over three lakhs in Delhi alone. The company is now eyeing significant growth, aiming to reach more than 15 crore users in the next five years. Wiom’s platform-led distribution model has enabled it to attract middle and lower-middle-income households, making affordable internet accessible to millions.

Satyam Darmora, the founder of Wiom, expressed his confidence in the company’s goal of making 24/7 unlimited internet affordable for every individual in the country. The investors are equally optimistic about Wiom’s potential impact.

Nishit Garg, Partner at RTP Global, believes that Wiom is uniquely positioned to capture the opportunity with its innovative approach and strong traction in the market.

Backing Wiom’s Vision: Funding and Investor Support

Before the Series A round, Wiom secured seed funding of INR 30 crores in April 2022 from YourNest, 9Unicorns, and a global tech giant, with participation from renowned angel investors Omidyar Network India and Auxano.

With total funding of around INR 175 crore to date, Wiom is now well-equipped to accelerate its growth and achieve its mission of providing ubiquitous internet access.

Wiom’s financial statement for FY22 showed impressive growth, with a scale of INR 5.56 crore, up by over 2X compared to FY21. The company also reduced its losses by nearly 33 percent during the same period. Wiom aims to serve 5 crore homes and 50 crore individuals in the next five years with a focused approach and strong financial backing.

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