Sourcewiz, a software-as-a-service (SaaS) platform focused on digitization for exporters and export factories, has announced that they have raised Rs 20 crore ($2.5 million) in the pre-series A round led by Matrix Partners India and marquee angel investors.
These include 100x Entrepreneur Fund, Aniket Deb (co-founder, Bizongo), Wami Capital (family office of Transworld Group) and Rohit Kapoor (Global CMO, Oyo), a statement by Matrix Partners said.
The fundraise is a tad lower than the seed capital raised by Sourcewiz in October last year at $3 million from Blume Ventures and Alpha Wave Global.
The SaaS platform aims to help exporters digitize and transform their sales and marketing operations, which includes automating essential processes such as product designing, cataloguing, creating quotations, invoicing and trade show management. The company claims the automation has helped their customers with at least 30% uptick in their revenue.
“We have established one of the largest networks of digitally connected exporters in lifestyle categories, with over 300 exporters (across three countries). These are some of the best factories in India with capabilities in both design and production, but fall behind their Chinese counterparts due to a lack of digitization and automation. As cross-border supply chains continue to shift in favour of the Indian subcontinent, these factories need to digitize critical workflows to be able to serve (importers mostly across Europe and US) and improve the overall customer experience,” said Divyaanshu Makkar, co-founder & chief executive officer, Sourcewiz.
Founded in July 2021 by Makkar and Vikas Garg and Mayur Bhangale, Sourcewiz hopes to fill the need for digitization in the lifestyle export industry - apparel, home textile, handicrafts, gems, jewellery and furniture.
“With the latest round of funding, the company plans to expand its team to over ten hubs across the sub-continent to continue to solidify its position as a market leader in factory enablement. They also plan to deepen their offering to customers by helping them access newer demand channels and automate other aspects of factory operations such as procurement and payments,” the company said.
Currently, Sourcewiz has a presence in four export hubs - Delhi, Panipat, Moradabad, and Jaipur - and seeing demand from other domestic and international markets such as Pakistan and Bangladesh.
Lead investor Matrix Partners is an early-stage venture capital fund founded in 2006 to target the Indian consumer and enterprise market at the seed, early and early growth stages.
Matrix India has invested in several category-leading B2B marketplaces such as Ofbusiness (B2B Commerce, fintech), Captain Fresh (B2B seafood & animal protein marketplace), Farmart (SaaS enabled agri outputs marketplace), Vegrow (B2B fruits marketplace), Loadshare (tech-enabled logistics network), Bijnis (B2B fashion & footwear marketplace), and Saveo (B2B marketplace for pharmacies).
Some of its other key investments include Ola (mobility), Dailyhunt (mobile local language platform), Razorpay (payments), DealShare (social commerce platform), Country Delight (D2C dairy & fresh foods brand) and Mswipe (mobile POS), among others.
