WeVOIS Labs, a Jaipur-based IoT-based sustainable solution company, provides the government with eco-friendly waste management solutions and services to ensure trash gets collected on time. Their completely automated door-to-door solution is designed to improve efficient waste collection.
The Challenge: Unsecured, Staggered, and Inconvenient Fundraising
For Abhishek Gupta, CEO at WeVOIS Labs, the need of funds for expansion was “getting unsustainable” — low quantum unsecured debt raised from capital providers was expensive.
Equity financing options in 2021 were unfavourable, the company needed funds to expand into new cities — but the entire fundraising process was rigid and time consuming.
The Solution: Fast, Flexible, and Single-Stop Financing Platform
“Whenever we needed capital, Recur Club was always there with a competitive bid on their platform,” said Abhishek.
Recur Club’s revolutionary AI/ML-backed underwriting engine offered WeVOIS Labs the flexibility to raise capital 4 times in 9 months.
The Results: 200% growth for WeVOIS Labs
By utilising their recurring revenue streams to raise non-dilutive capital from Recur Club, WeVOIS Labs witnessed a 200% growth in their ARR and 5X growth in valuation, in just 9 months. This paved the way for the company to expand into 6 new cities and spread pan-India.
WeVOIS Labs was also able to successfully pivot their business model from B2G to B2B2G and licensed their software to businesses.
“Their flexible financing allowed us to draw down capital at our will and enabled us to expand into new territories when we were ready for it. This has also helped us raise equity capital at a much higher valuation as compared to the offers we received last year," said Abhishek.
WeVOIS Labs is looking for long-term strategic partnership with Recur Club to accelerate their growth in operations.
“Recur Club has not only helped us in raising non-dilutive capital but has also become our growth partner to facilitate our mission of providing a cleaner and greener tomorrow. We will continue to use their platform in conjunction with our equity financing,” Abhishek further added.