Get All Access for $5/mo

WeRize Raises $8 Mn In Series A Funding WeRize is a full-stack provider, both-developing and distributing a wide portfolio of customized credit, group insurance, and savings products for 100 million families and 300 million individuals who live in more than 4000 small towns in India

By Prabhjeet Bhatla

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

WeRize

Bengaluru-based full-stack financial services platform WeRize on Wednesday announced that it has raised $8 million in Series A funding round, led by 3one4 Capital, Picus Capital, Kalaari Capital, and Orios Ventures.

"We are creating a new category in the Indian financial services space; a socially distributed full-stack financial services platform for 4000 small towns of India. The full-stack approach of owning both the product and the distribution gives us unique insights about our customer segment that becomes an unbeatable competitive advantage. With the support of our investors, we have the opportunity to reimagine financial services for a large and profitable customer base that has been inadequately served by the existing ecosystem. And we will do this while generating livelihood for thousands of partners through our pioneering distribution model," said Vishal Chopra and Himanshu Gupta, co-founders, WeRize, in a joint statement.

Founded by ex LendingKart executives Vishal Chopra and Himanshu Gupta in 2019, WeRize is building India's first socially distributed full-stack financial services platform for families in small-town India.

"Financial services for more than 4000 small towns in India is a space that has been largely untouched due to the complex nature of the space. Vishal and Himanshu have been working on this space for 2 years to build a lean, efficient approach to solving the problem for 300 million Indians. We strongly believe that their approach of designing financial products focused on families along with distributing through a social model is the only way to win this huge market. So, we are very excited to support them as they scale WeRize out and build more innovative products for small-town India," commented Anurag Ramdasan, partner, 3one4 Capital.

WeRize is a full-stack provider, both- developing and distributing a wide portfolio of customized credit, group insurance, and savings products for 100 million families and 300 million individuals who live in more than 4000 small towns of India.

"Vishal and Himanshu bring to the table all the necessary know-how and experience to build India's first socially distributed full-stack financial services brand for families in small-town India. Small town India needs a very different set of products than is currently made available by incumbent players and a distribution model that solves the unique challenges that exist in these markets. The full stack play by WeRize hits all the right notes and we look forward to supporting the team in the exciting next phase of growth," added Rajesh Raju, managing partner, Kalaari Capital.

The financial needs of small-town India have been largely ignored by incumbent players and fintechs who primarily focus on millennials in urban India. WeRize is already operationally profitable and is on target to become EBITDA positive by early 2022. It has registered tenfold revenue growth in the last year. The company currently caters to customers in over 1000 cities and towns and plans to reach more than 4000 towns in the next 2 years through its social distribution "Social Shopify of Finance' tech platform that will have over 50,000 freelance financial consultants across India, the startup claims.

Prabhjeet Bhatla

Former Staff

Growth Strategies

Can NEET Exam Be Manipulated? What We Know So Far

Around 1500 students from six centres complained that they were not given the full time for completing the exam, because of various reasons including distribution of the wrong question paper, torn OMR sheets, technical glitches, and delay in distribution of the OMR sheets.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

News and Trends

Battery Smart Raises USD 65 Mn in Series B to Boost EV Battery Swapping Network

Orios Venture Partners achieves a 29x return with a strategic partial exit from Delhi-based EV startup, enhancing early-stage investment success.

Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.

Business News

A Former Corporate Lawyer Now Makes Six Figures on YouTube — Here's How She Does It

Here are the secrets to starting and growing a successful YouTube channel, according to a YouTuber with millions of subscribers.