Wiom raises $40 Mn led by Bertelsmann and Accel

Wiom, a Delhi-based internet services company, has raised $40 million in a new funding round led by Bertelsmann India Investments and Accel. Prosus, Promaft Partners, and RTP Global also participated in the round.

Earlier, the telecom startup had raised $17 million in a Series A round led by RTP Global in July 2023.

The proceeds will be used to grow its product, hire more staff in tech and operations, and expand into less connected towns and districts.

Wiom doesn’t build its own infrastructure or lay cables. Instead, it offers tools that enable users and small internet service providers (ISPs) to share their home broadband connections with others in the neighborhood.

The company claims to serve as an aggregator of internet operators and has over 70,000 WiFi Access Network Interface hotspots. It offers plans in the Rs 4 to Rs 16 range on a two-day basis with unlimited data. It aims to reach 5 crore homes and 50 crore users in 5 years.

In FY24, the company’s revenue declined by 10% to Rs 10.8 crore from Rs 12.08 crore in FY23. Its losses surged significantly to Rs 44.5 crore in FY24, compared to Rs 5.78 crore in FY23.

Wiom competes with established players such as Excitel, RailWire, Netplus, and BSNL. It also faces indirect competition from telecom-led broadband services like JioFiber and Airtel Xstream in some overlapping regions.