Wootz.work Raises $3.5M in Seed Funding Led by Matrix Partners India and Nexus Venture Partners
- ByStartupStory | August 22, 2023
Engineering equipment procurement solution startup Wootz.work has announced the successful completion of a $3.5 million seed funding round, with Matrix Partners and Nexus Venture Partners as the lead investors. The funding round also saw participation from 30 other angel investors, including notable names like Ramakant Sharma (Livspace), Sanjiv Rangrass (ex-ITC), Vikrampati Singhania (JK Group), and the founders of Zetwerk.
Karan Anand, Co-Founder & CEO, commented, “We are convinced that the conditions have never been better for India and Southeast Asia to emerge as a global manufacturing hub for light engineering products.”
He also highlighted the challenges faced by SMEs, including differing engineering standards, regulatory environments, market distances, and the importance of robust after-sales service. Anand explained, “Our goal at Wootz.work is to address this need and build at scale, to become a trusted, enduring procurement channel for our global customers.”
Presently, the company collaborates with factories and Original Equipment Manufacturers (OEMs) in the UK, focusing on automation and the MRO phases while establishing supply chains. Plans are underway to establish offices in the UK and the USA later this year.
Sudipto Sannigrahi, Principal at Matrix Partners India, expressed, “Wootz’s platform empowers Indian SME manufacturers to sell globally by solving key bottlenecks like design and quality.”
Founded in March 2023, Wootz.work offers a tech-based solution for cross-border procurement of light engineering products, overseeing the entire process from design to delivery. The startup caters to small and medium-sized enterprises, customizing products to match their specific requirements based on geographical location, processes, and applications. The platform provides quick quotations within 24 hours and ensures the completion of the process within a month.
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