Delhi-based internet services startup Wiom has secured $40 million in fresh funding, with Bertelsmann India Investments and Accel leading the round. The fundraise also saw participation from Prosus, Promaft Partners, and RTP Global.
This new capital infusion comes less than a year after Wiom’s $17 million Series A round led by RTP Global in July 2023.
The company plans to channel the funds into product development, expanding its tech and operations teams, and extending services to under-connected towns and districts across the country.
Wiom takes an unconventional approach by not building its own infrastructure or laying fiber cables. Instead, it provides technology that allows individuals and small ISPs to share their broadband connections within neighborhoods.
Acting as an aggregator of internet operators, Wiom claims to have deployed over 70,000 WiFi Access Network Interface hotspots. The startup offers ultra-low-cost data plans ranging between ₹4 and ₹16 for two-day unlimited usage. It has set ambitious goals to reach 5 crore homes and 50 crore users within the next five years.
Despite its growth ambitions, Wiom’s financials reflect early-stage challenges. Its revenue declined 10% to ₹10.8 crore in FY24, down from ₹12.08 crore in FY23. Meanwhile, losses widened significantly to ₹44.5 crore in FY24, up from ₹5.78 crore the previous year.
Wiom operates in a competitive landscape, going up against players like Excitel, RailWire, Netplus, and BSNL, while also facing indirect competition from telecom broadband giants such as JioFiber and Airtel Xstream in overlapping markets.
