Gurugram and Bangalore, India-based Software-as-a-service (Saas) startup Sourcewiz for exporters, raised USD 2.5 million (INR 20 crore) in funding. The pre-Series A round took place on June 27, 2022. Matrix Partners India led the funding for Sourcewiz. Meanwhile, Angel investors, including Aniket Deb, the co-founder of B2B packaging firm Bizongo; Wami Capital, the family office of Transworld Group; and Rohit Kapoor, global chief marketing officer of Oyo, joined in the investment.
Purpose of Funding by Sourcewiz
The recent investment will aid Sourcewiz in ramping up its hiring operations. The company plans expansion to 10 more manufacturing hubs in domestic markets, including Karur, Jodhpur, Ludhiana, and Tiruppur.
Besides, it wants to seek international expansion in geographies such as Bangladesh, Turkey and Pakistan. Further, Sourcewiz seeks to explore opportunities in new channels of demand for its partner manufacturers across apparel, home textile, handicrafts, gems, jewellery, and furniture.
Earlier in October 2021, the company raised USD 3 million in seed funding. Blume Ventures and Alpha Wave Global led the financing back then.
What the founder has to say
Divyaanshu Makkar, co-founder and CEO of Sourcewiz, said, “We are connected with some of the best factories in India that hold capabilities in design and production but fall behind Chinese counterparts due to lack of digitisation and automation. As cross-border supply chains continue to shift in favour of the Indian subcontinent, these factories need to digitise workflows so as to serve importers. Our vision is to make importing from India seamless, and it can’t happen unless we digitise and empower these factories.”
“We want to be a full-stack platform for any exporter in this country, giving them everything from the digitisation of the factory to streamline their supply chain to get them new demand. We also plan to deepen our offering to customers by helping them access newer demand channels and automate other aspects of factory operations such as procurement and payments. Presently we are into digitising the factories’ operations. However, we have plans to venture into setting up e-commerce businesses for the factories we cater to. We serve 500-plus factories and have a present annualised revenue run rate of USD 0.5 million. We don’t burn a lot of money, so we still have scope for more growth and expansion,” he further added.
What the investors have to say
“Sourcewiz’s SaaS-led approach has received strong early traction, customer love and adoption within the Indian export community, reinforcing the need for such a platform,” said Sudipto Sannigrahi, principal, Matrix India.
“Factory SaaS is a particularly hard sector where tech adoption has traditionally been challenging. Indian SMBs are also traditionally hard users to monetise through SaaS. Sourcewiz has created a product that factories love, demonstrated by great sales traction and strong engagement numbers,” said Sajith Pai from Blume Ventures and Anirudh Singh from Alpha Wave Global.
About Sourcewiz
Divyaanshu, Vikas Garg, and Mayur Bhangale brought Sourcewiz into existence in July 2021. Currently, the company has a presence in four export hubs – Agra, Panipat, Karur, and Jaipur. It works as a digitisation platform for exporters and provides automating processes services such as product designing, cataloguing, creating quotations, invoicing and trade show management.
For more extensive analysis and Market Intelligence reports, feel free to approach us.
We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know
if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover
–what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
 startup Sourcewiz for exporters, raised USD 2.5 million (INR 20 crore) in funding.){kind=link}