Jaipur, NFAPost: In a significant development for the waste management industry, Jaipur-based startup WeVOIS has successfully raised $4 million in funding during its pre-series A round. The funding round, which valued the company at $10 million, was led by Innovana Thinklabs Ltd, Upaya Social Ventures, RecurClub, and a group of prominent angel investors including Sunil Kumar Singhvi and Rajendra Lora of Freshokartz.
WeVOIS has distinguished itself from other startups in the field through its unique approach. Unlike many companies in this cash-burning market, WeVOIS has been profitable since its inception, demonstrating its commitment to generating both social impact and a scalable business model. The startup has witnessed an impressive 250% year-on-year growth over the past year and a 60% increase in customer acquisition in the last six months, boasting a zero churn rate.
Since its establishment in 2018 by Abhishek Gupta, an alumnus of IIM Ahmedabad, and Abhinav Shekhar Vashistha, a fellow of LIF & Acumen, WeVOIS has effectively improved the living conditions of over 2.5 million people across 18 cities in India, including Jaipur, Dehradun, Sikar, Gwalior, and Jaisalmer. Motivated by the Swachh Bharat Abhiyan, the founders aimed to bring about transformative change in the waste management industry and revolutionize the lives of sanitation workers. They introduced an integrated solution comprising a navigation app, training programs, and improved wages for workers, resulting in a remarkable increase in waste collection efficiency from 40% to 95%. The platform also offers real-time tracking for waste vehicle fleets, facilitating coordinated garbage disposal with scheduled pickups for both municipal authorities and citizens.
WeVOIS has now reached a stage where its platform can be easily replicated in any city across India, making it a trusted and efficient solution for managing solid waste on a large scale. With its successful track record, WeVOIS is poised to have a significant impact on improving waste management practices nationwide.
The funding secured in this round will be utilized to bolster recruitment efforts in crucial areas, support technological advancements, facilitate diversification, and enable expansion throughout India. Municipalities and other waste management stakeholders have increasingly sought out WeVOIS as the most preferred choice, as indicated by a recent nationwide survey conducted by the Ministry of Housing and Urban Affairs on leveraging best practices in waste management.
The co-founders of WeVOIS, Abhishek and Abhinav, expressed their commitment to addressing the challenge of unsegregated waste, which constitutes 80% of the total waste and often ends up in landfills. Leveraging their tech platform, they aim to bring transparency to the entire waste management supply chain, making municipal waste recycling financially viable for all stakeholders and contributing to the Swachh Bharat mission in a more sustainable and accelerated manner.
Chandan, the Managing Director of Innovana, expressed enthusiasm for the waste management sector and its potential for creating a positive social impact. He emphasized that WeVOIS stood out due to its profitability and data-driven approach in an otherwise unorganized sector. Chandan also highlighted the strong founders, the tech-first approach, and data-driven decision-making as factors positioning WeVOIS as a promising candidate to become India’s first Waste Management Unicorn.
Upaya CEO Kate Cochran commended WeVOIS for its efforts in improving the lives of sanitation workers by providing better pay and leveraging technology. She noted that formalizing the waste management sector in India not only yields significant environmental and climate benefits but also creates reliable and safe jobs at scale in every state of the country.
Amar A Ummat, a founding partner at Recur Club, expressed a strong belief in WeVOIS’s vision and commended their tech-first approach to waste management. Ummat highlighted their journey from a bootstrapped startup to raising equity funding, and the initial growth that allowed them to delay dilution and achieve a higher valuation with strategic investors. Recur Club looks forward to a close and mutually enriching partnership with WeVOIS as they continue to revolutionize India’s waste management sector.
For more information, please visit: https://www.wevois.com/
