 "Internet, telecom start-up Wiom raises $17mn for expanding business")
Wiom, a start-up for high-speed internet, said that it has raised $17 million (around Rs 140 crore) that it will use for expanding in Indian cities and investing in technology.
The Series A round was led by RTP Global, YourNest and Omidyar Network India. Global Brain, Blume Founders Fund, Alteria Capital, Stride Ventures, Stride One and 9Unicorns participated in the round. Delhi-based Wiom will use the money for investing in high-quality talent and delivery architecture.
Wiom provides affordable internet to middle- and lower-middle income households through its platform-led distribution model. Satyam Darmora, Nishit Aggarwal, Ashutosh Mishra, and Maanas Dwivedi are its founders.
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Wiom’s model taps into the PM-WANI framework, the India government’s programme to provide affordable internet to 500 million people in the next five years. Due to this framework, Wiom customers will get unlimited internet starting at Rs 10, said the company.
“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 hotspots across the country,” said Darmora.
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India has home Wi-Fi penetration of 10 per cent compared to the global average of 80-85 per cent. Wiom said in 18 months it has made strides in digital inclusion, amassing a user base of over 300,000 in Delhi alone. It is expected to reach more than 150 million users in five years.
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“We’ve always believed in companies that are able to build India specific business models. With the home broadband penetration in the country at a meagre 10 per cent odd; we believe Wiom is uniquely positioned to capture this opportunity,” said Nishit Garg, partner at RTP Global.
“We truly believe that they will be successful in their endeavour to fulfil the 50 million hotspot mission under PM-WANI in the near future. Wiom's team possess the ideal combination of business innovation and technical excellence,” said Sunil Goyal, managing director of YourNest.
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“We remain firm believers in Wiom’s vision to provide affordable, reliable, and ubiquitous internet access to the next half billion through proliferation of wired home broadband across India,” said Aditya Misra, director of Omidyar Network India, an investment firm focused on impact.