Financial service platform WeRize has announced that it has secured $8 million in series A funding round led by 3one4 Capital, Kalaari Capital, and others. The round also saw participation from Orios Ventures and Picus Capital.
Vishal Chopra & Himanshu Gupta, Co-founders of WeRize, commented, “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”.
Anurag Ramdasan, Partner, 3one4 Capital, continued, “Financial services for 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 two 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 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.”
“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.
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