Affordable internet provider startup Wiom Internet has raised $40 million in funding from Accel, Bertelsmann India Investments, and Prosus, furthering its mission to provide low-cost connectivity to non-metro cities in India.

Wiom Internet has successfully closed a fresh $40 million funding round, led by Accel and Bertelsmann India Investments, with strong participation from Prosus, Promaft Partners, and RTP Global. The Delhi-based broadband provider, founded in 2020, will use this capital to enhance its distribution-led model, deepen penetration into non-metro India, and onboard tech and operations staff.

The new investment propels Wiom Internet closer to its goal of reaching 500 million underserved Indians within the next five years. The firm’s platform, operating under the PM-WANI framework, enables small ISPs and users to share internet bandwidth. With more than 70,000 hotspots live, the company aims to scale its affordable offerings, which range between INR 4 and INR 16 for unlimited data, to 50 crore users.

A Disruptive Model Without Laying a Single Cable

Unlike traditional telecom firms, Wiom Internet doesn’t build its infrastructure. Instead, it acts as an aggregator of local internet operators, allowing citizens to resell their home Wi-Fi within their community. This innovative system significantly reduces rollout costs, making broadband access viable even in remote parts of India.

The company’s model aligns with its founders’ belief that broadband access is as essential as air and water. “Every Indian must have access to affordable 24/7 internet,” co-founder Satyam Darmora said.

Despite its innovative structure and massive user potential, Wiom Internet reported a revenue dip to INR 10.8 crore in FY24 from INR 12.08 crore in FY23. Losses widened to INR 44.5 crore, signaling a phase of aggressive investment over profitability. Still, investor confidence remains strong, thanks to the scalable model and massive demand in non-metro India.

The pre-money valuation in this round stood at $110 million. The company’s earlier Series A funding round, in July 2023, raised $17 million from RTP Global, YourNest, and Omidyar Network India.

Betting on the Rise of Non-Metro India

With this bet, Accel deepens its focus on non-metro India, often referred to as “Bharat.” The VC firm already backs startups like CityMall and Money View, which target emerging cities. Accel sees massive potential in this segment where demand is strong but supply remains fragmented.

Prosus, meanwhile, has increased its India exposure to over $8 billion, having recently invested in Mintifi and Vastu Housing Finance. Its participation in Wiom Internet strengthens its foothold in India’s affordable digital services space.

Wiom Internet has set its sights high: 5 crore homes and 50 crore users in the next five years. With increasing investor support and a frictionless tech platform, the company appears well-positioned to deliver broadband access to India’s last-mile population. If successful, Wiom could redefine internet accessibility for an entire generation.

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