B2B digitisation platform Sourcewiz raises Rs 20 crore in funding
Summary
Sourcewiz, a business-to-business (B2B) digitisation platform, has raised Rs 20 crore in a funding round led by Matrix Partners India Angel investors including Aniket Deb, the cofounder of B2B packaging firm Bizongo; Wami Capital, the family office of Transworld Group, and Rohit Kapoor, global chief marketing officer of Oyo, also participated in the round.The Software-as-a-Service (Saas)-based platform plans to utilise the funds to expand its team to more export hubs across India.The company presently operates in hubs such as Panipat, Agra, Jaipur and Karur.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, cofounder Divyaanshu Makkar said in a statement.The company plans to expand to other geographies like Bangladesh, Turkey and Pakistan, Makkar told ET.Founded in 2021 by Makkar, Vikas Garg and Mayur Bhangale, Sourcewiz works with exporters in digitising their sales and marketing operations, which includes automating processes such as product designing, cataloguing, creating quotations, invoicing and trade show management.Presently we are into digitising the factories operations. However, we have plans to venture into setting up ecommerce businesses for the factories we cater to, Makkar said.The company raised $3 million in a seed round from Blume Ventures and Alpha Wave Global in October last year.Sourcewizs 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.The firm said it had onboarded around 500 customers.We serve 500-plus factories, and we have a present annualised revenue run rate of $0.5 million. We dont burn a lot of money, so we still have scope for more growth and expansion, Makkar said.
Funding
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