Update: WeRize announced that it has raised $15.5 million in a new round from British International Investment, Sony Innovation Fund and existing investors.
Original story follows: Full-stack financial services platform WeRize has raised around $15.5 million in a new round led by existing investor 3one4 Capital. The fintech platform focuses on tier II, III and IV cities and had scooped up $8 million in Series A in September last year.
WeRize’s board has passed a special resolution to allot 31,670 pre-Series B at issue price of Rs 38,172.83 per share to raise a sum of Rs 121 crore or $15.5 million, the company’s regulatory filing with RoC shows.
3one4 Capital led this round with Rs 38.74 crore while Kalari Capital, Picus Capital and Orios Fund have invested Rs 15.5 crore, Rs 15.5 crore and Rs 12.4 crore respectively. New investors – Sony Innovation Fund and British International Investment – have invested Rs 15.5 crore and Rs 23.25 crore respectively.
According to Fintrackr’s estimates, WeRize has received the new round at a post-money valuation of $115 million. The company has raised a little over $25 million to date. It’s worth noting that WeRize may raise more capital in this round.
Founded by former Lendingkart executives Vishal Chopra and Himanshu Gupta, WeRize sells credit cards and savings products in over 1,000 cities such as Tirupur, Coimbatore, Surat, Aurangabad and Amritsar through a social distribution.
WeRize is a full-stack provider which manufactures and distributes a wide portfolio of customized credit, insurance, and savings products for 300 million individuals spread across more than 4,000 tier II to tier IV towns. The company leverages insights from these data points to create customised credit, group insurance, and savings products.
During the last fundraising, the company also said that it aims to onboard over 50,000 freelance financial consultants across India.
For the year ending March 2021, WeRize’s scale grew 5.4X to Rs 3.16 crore from nearly Rs 60 lakh in FY20, as per its annual financial statements filed with RoC. Meanwhile, the losses of the company also surged 53% to Rs 7.12 crore during FY21 from Rs 4.65 crore in the preceding fiscal year. Last year, WeRize claimed that it is a profitable entity and is on target to become EBITDA positive by early 2022. The company is yet to file its annual financial statement for FY22.