Full-stack financial services platform WeRize has raised $8 million (about Rs 59 crore) in a Series A funding round led by 3one4 Capital, Picus Capital, Kalaari Capital and Orios Ventures.
“We will use the fresh capital to ramp up investments in technology, data science and financial product development.
“We will look at growing our Meesho styled social partners’ network to over 50,000 and at covering 4000 small cities in the next two years,” Vishal Chopra, co-founder and CEO of WeRize, said in a statement to VCCircle.
Launched in 2019 by Chopra and Himanshu Gupta, WeRize sells group insurance,develops customized credit and savings products in more than 1,000 cities.
The company claims it has acquired more than 500,000 families since launch and registered a revenue growth of 10x last year.
WeRize added that it is operationally profitable and is on track to become EBITDA positive by early 2022.
It has registered 10x revenue growth in the last year.
Chopra said WeRize provides a Shopify styled technology platform to our social partners in 5 Indian languages.
Through this model, social partners can source customers online and offline and help them in the journey of onboarding them, doing payment and finally providing them post sales service.
“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” Rajesh Raju, managing partner at Kalaari Capital, said.