B2B digitisation firm Sourcewiz secures Rs 20 crore in a funding round led by Matrix Partners
- ByStartupStory | June 29, 2022
Matrix Partners India led a Rs 20 crore funding round for Sourcewiz, a business-to-business (B2B) digitisation platform. Angel investors included Aniket Deb, co-founder of B2B packaging firm Bizongo, Wami Capital- Transworld Group’s family office, and Rohit Kapoor, global chief marketing officer of Oyo.
The funds will be used by the Software-as-a-Service (SaaS) platform to expand its team to more export hubs across India. Panipat, Agra, Jaipur, and Karur are currently hubs for the company. The company intends to expand into new markets such as Bangladesh, Turkey, and Pakistan.
Divyaanshu Makkar, the co-founder said, “We also intend to broaden our offering to customers by assisting them in accessing newer demand channels and automating other aspects of factory operations such as procurement and payments. Right now, we’re working on digitising the operations of the factories. However, we have plans to set up e-commerce businesses for the factories we serve. We serve over 500 factories and have an annualised revenue run rate of $0.5 million. Because we don’t spend a lot of money, we still have room for growth and expansion.”
Sourcewiz, founded in 2021 by Makkar, Vikas Garg, and Mayur Bhangale, assists exporters in digitising their sales and marketing operations, including product design, cataloguing, creating quotations, invoicing, and trade show management. The firm has around 500 customers.
In October of last year, the company raised $3 million in a seed round led by Blume Ventures and Alpha Wave Global. Sudipto Sannigrahi, principal, Matrix India said, “Sourcewiz’s SaaS-led approach has received strong early traction, customer love, and adoption within the Indian export community.”
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