In its Series A round, e-commerce enablement platform Windo is seeking to raise Rs 54.2 crore, or roughly USD 6.45 million. According to its regulatory filing obtained from the Registrar of Companies (RoC), the Windo board has authorized a special resolution to issue 4,928 Series A compulsory convertible preference shares at an issue price of Rs 1,10,124 apiece in order to raise Rs 54.26 crore.
With an investment of Rs 27.56 crore, Sorin Investment Fund, an early-stage venture capital fund established by former KKR India CEO Sanjay Nayar, led the round. Athera Ventures and JAFCO Asia each made contributions of Rs 8.35 crore and Rs 12.53 crore.
Unicorn Ventures and private investors Sai Kiran Murali, Sumit Jain, Chhaya Sawhney, Srikrishnan Ganesan, and Jayant Prasad Paleti will contribute the remaining sum. According to documents, the corporation intends to use these monies for expansion and growth. Its post-allotment valuation, according to Entrackr, is roughly Rs 245 crore ($29 million).
Windo, which was founded by Rakesh Vaddadi and Silus Reddy, allows small to midsize businesses, influencers, and solopreneurs to open online storefronts in a matter of minutes. With its user-friendly design, the platform offers key capabilities including marketing tools and mobile responsiveness via its app.
In June 2021 and July 2022, respectively, Windo raised $2 million in Seed and pre-Series A fundraising rounds.The company generated revenue of Rs 20.4 lakh and incurred a loss of Rs 2.8 crore in the preceding fiscal year (FY24). According to its annual financial filings, it was in the pre-revenue stage before this.
The 2020–21 period saw fierce competition in the e-commerce enablement space, with OKCredit and Khatabook, both financed by B Capital, launching their own platforms. However, after a few years, both businesses gave up on their e-commerce endeavors. Additionally, Windo has competition from a number of other companies in the market, such as Dukaan, Shopify, Dot, and Bikayi. After coming dangerously close to going out of business, Bikayi changed its name to Bik and began catering to bigger businesses.
