Wify, a construction and home improvement platform based in Mumbai, has successfully raised Rs 17.5 crore or $2.1 million in its pre-Series A funding round. This round, spearheaded by Capria Ventures, marks the company’s first significant investment of the year.
The company’s board passed a special resolution to issue 30,455 pre-Series A Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 5,747 each, resulting in the accumulation of Rs 17.5 crore, as revealed by regulatory filings accessed from the Registrar of Companies (RoC).
Capria Ventures led the funding with an investment of Rs 8 crore, followed by Duo Design and Optimistic Trading Company contributions, injecting Rs 3 crore and Rs 1.5 crore, respectively. Notably, existing investors Blume Ventures and Singularity Growth also participated in the pre-Series A round, contributing Rs 2 crore and Rs 3 crore each.
This pre-Series A funding marks another milestone for Wify, which secured $2 million in its last seed round in July 2022. According to data from TheKredible, a startup intelligence platform, Wify has been valued at approximately Rs 128 crore (post-money) following this maiden financing round.
Established in 2019 by Vikram Sharm and Deepanshu Goel, Wify specializes in on-site installation and post-purchase services for businesses and brands.
Despite being a relatively young player in the industry, the four-year-old firm has demonstrated impressive growth, achieving over a two-fold year-on-year increase and generating Rs 24.47 crore in revenue during the fiscal year 2022-23. However, the company reported losses of Rs 5.65 crore during the same period, showcasing the challenges and opportunities ahead as it continues to expand its operations and offerings in the market.
