Telecom Startup Wiom Raises $17 Mn In Fresh Funding
Wiom, a New Delhi-based telecom startup, has raised $17 million (around Rs 140 crore) in a mix of equity and debt as a part of its Series A funding round.
Led by venture capital firm RTP Global, the funding round also saw participation from YourNest, Global Brain, Stride Ventures, Blume Founders Fund, Omidyar Network India, Alteria Capital, Stride One and 9 Unicorns.
As per the startup, the freshly raised funds will be used to expand its footprint to cities throughout India while investing in talent and distributed delivery architecture.
Wiom | Affordable And Unlimited Internet
Founded by Satyam Darmora, Nishit Aggarwal, Ashutosh Mishra, and Maanas Dwivedi, Wiom provides unlimited internet to middle and lower-middle-income households through its platform-led distribution model at affordable prices.
Wiom is not an internet service provider (ISP) but a new-age platform disrupting how the internet is delivered. Leveraging the PM-WANI framework, which aims to provide affordable internet access to 500 million Indians over the next five years, the startup aims to democratise access to affordable internet.
Speaking about the development, Satyam Darmora, Co-founder of Wiom, said,
“Air, Water, Food and the internet are the new essentials of modern life. Every individual in our country must be able to afford 24/7 unlimited Internet. We are confident of becoming the largest contributor towards the country’s target of 50 million PM-WANI (wi-fi access network interface) hotspots across the country.”
As per the startup, customers can get unlimited internet, starting at Rs 10. In 18 months, the platform claims to have achieved a user base of over 3 lakhs in Delhi and expects to reach more than 15 crore users in the next five years.
Commenting on the development, Nishit Garg, Partner at RTP Global, said,
“With the home broadband penetration in the country at a meagre 10% odd, we believe Wiom is uniquely positioned to capture this opportunity. They have innovated across the value chain and are seeing tremendous traction already.”
In April 2022, Wiom raised $4 Million in a seed funding round led by YourNest and 9 Unicorn to scale its business, invest more in the technical stack, and enhance its product offerings. The round also saw participation from several existing investors, including Auxano and Omidyar Network India.
PM-WANI (Wi-Fi Access Network Interface) scheme was launched by the government in December 2020. It aims to provide affordable internet access to 500 million Indians over the next five years.
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