WeRize Set to Raise Rs 64 Crore in Debt Funding

WeRize, a comprehensive financial services platform, is preparing to secure Rs 64 crore (approximately $6.9 million) in a debt funding round spearheaded by Sony Innovation Fund. This funding round also includes participation from one of its established investors, 3one4 Capital.

Details of the Funding Round

As per a regulatory filing obtained from the Registrar of Companies (RoC), the board of WeRize has approved a special resolution authorising the issuance of 10,150 non-convertible debentures, each with a face value of Rs 63,272.50. This will collectively amount to Rs 64 crore.

The filing indicates that Sony Innovation Fund is set to contribute around Rs 46 crore, while 3one4 Capital is expected to provide the remaining Rs 18 crore. The newly raised funds are intended to support various aspects of the business, including general operations, addressing working capital requirements, covering capital expenditures, and facilitating business expansion.

Company Background

Founded by former executives from Lendingkart, Vishal Chopra and Himanshu Gupta, WeRize offers a diverse range of personalised credit, insurance, and savings products aimed at reaching 300 million individuals across over 4,000 towns classified from tier II to tier IV. The company utilises insights drawn from these data points to develop tailored credit, group insurance, and savings offerings.

Previous Funding and Financial Performance

WeRize’s last funding round occurred in June 2022, when the platform secured $15.5 million at a valuation of $115 million, with contributions from British International Investment, Sony Innovation Fund, and existing investors.

In the previous fiscal year ending March 25, WeRize’s operating revenue saw a significant increase of 64%, rising to Rs 236 crore in FY25 from Rs 144 crore. Additionally, the company’s profit doubled to Rs 10 crore within the same timeframe.