Connect with us

Company News

Telecom startup Wiom raises $17 million in funding led by RTP Global

Delhi-based telecom startup, Wiom, on July 27 said that it has raised Rs 140 crore (close to $17 million) in a series A round led by RTP Global at a time when the startup ecosystem is suffering a prolonged funding winter.

In a statement, the company said that YourNest and Omidyar Network India also participated in the funding round. The Delhi-based startup said that it now plans to expand its footprint to other cities while investing in talent and distributed delivery architecture.

Founded in 2020 by Satyam Darmora, Nishit Aggarwal, Ashutosh Mishra, and Maanas Dwivedi, Wiom provides internet connection to middle- and lower-middle-income households through its platform-led distribution model.

“Air, water, food and 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 hotspots across the country,” said Darmora, in the statement.

According to the company, its model is built upon 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. The company said it provides unlimited internet starting at Rs 10 to its customers, at a time when home wifi has a penetration of just 10 percent compared to the global average of 80-85 percent.

Wiom said it currently has a user base of over three lakh in Delhi and aims to reach more than 15 crore users in the next five years.

“With the home broadband penetration in the country at a meagre 10 percent odd; we believe Wiom is uniquely positioned to capture this opportunity. They have innovated across the value chain and are seeing tremendous traction already. We are privileged to partner with the Wiom founders and their team as they define the broadband story of India,” said Nishit Garg, partner at RTP Global.

According to the statement, other investors in the round included Global Brain, Blume Founders Fund, Alteria Capital, Stride Ventures, Stride One and 9 Unicorns. Moneycontrol

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Copyright © 2024 Communications Today

error: Content is protected !!