Sourcewiz secures $3 million seed funding led by Blume Ventures, Alpha Wave
- ByStartupStory | October 22, 2021
Sourcewiz, a platform for exporters, has raised $3 million in its seed round through Blume Ventures and Alpha Wave Incubation (AWI). Angel investors include former Arvind Limited CEO Ravi Bhargava, Wayfair CEO Rakshita Agrawal, Dhruvil Sanghvi, LogiNext Co-Founder and CEO, and POSist Ashish Tulsian. also participated in the tour de table.
According to the Gurugram-based startup, the assets will be used to develop successful engineering, product management, sales and customer teams. It further plans to expand its services into technical capabilities such as digital payments, online finance, and technology-based logistics.
Sourcewiz was founded earlier this year by Divyaanshu Makkar, Vikas Garg and Mayur Bhangale. The startup has built a platform to digitize the operations of exporters and increase their income at a time when the pandemic has paralyzed their business.
“Covid19 has created many daunting challenges for exporters. They had to quickly switch to a fully digital way of selling and meet new buyers and faced labour shortages and shipping delays,” CEO Makkar said in a statement.
“Despite this, exporters who have invested in digital infrastructure have been able to grow as buyers around the world try to diversify their sourcing destinations,” he added.
Using the Sourcewiz platform, exporters were able to respond to more buyers, increase sales conversion and reduce sampling costs.
The company’s target market is more than 150,000 exporters with more than $200 billion in business transactions. The pandemic has disrupted the way they work and exposed shortcomings in the technology infrastructure available to them.
The startup currently focuses on India but plans to expand its offering to other Asian countries such as Bangladesh, Indonesia and Vietnam.
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