Exclusive: Former KKR India CEO’s VC firm leads Windo’s Series A

Entrackr · 28d

Exclusive: Former KKR India CEO’s VC firm leads Windo’s Series A E-commerce enablement platform Windo is raising Rs 54.2 crore (approximately $6.45 million) in its Series A round. The board at Windo has passed a special resolution to issue 4,928 Series A compulsory convertible preference shares at an issue price of Rs 1,10,124 each to raise Rs 54.26 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. Sorin Investment Fund, an early-stage VC firm founded by former KKR India CEO Sanjay Nayar, led the round with an investment of Rs 27.56 crore. JAFCO Asia and Athera Ventures contributed Rs 12.53 crore and Rs 8.35 crore, respectively. The remaining amount will be invested by Unicorn Ventures and individual investors, including Sai Kiran Murali, Sumit Jain, Chhaya Sawhney, Srikrishnan Ganesan, and Jayant Prasad Paleti. The company plans to utilize these funds for growth and expansion, according to filings. Entrackr estimates its post-allotment valuation to be approximately Rs 245 crore ($29 million). Founded by Rakesh Vaddadi and Silus Reddy, Windo enables solopreneurs, influencers, and small to midsize businesses to launch online stores within minutes. The platform is designed for ease of use and provides essential features such as marketing tools and mobile responsiveness through its app. Previously, Windo raised $2 million across Seed and pre-Series A funding rounds in June 2021 and July 2022, respectively. In the previous fiscal year (FY24), the company reported a revenue of Rs 20.4 lakh, while incurring a loss of Rs 2.8 crore. Prior to this, it was in the pre-revenue stage, according to its annual financial statements. The e-commerce enablement sector experienced intense competition during the 2020-21 period, with B Capital-backed Khatabook and OKCredit launching their own platforms. However, both companies abandoned their e-commerce ventures after a couple of years. Windo also competes with several others in the space, including Dukaan, Shopify, Dot, and Bikayi. Following a near shutdown, Bikayi pivoted to become Bik, shifting its focus to serving larger enterprises.