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HomeInsightFunding Alert SaaS startup Sourcewiz raises Rs 20 Cr in funding

[Funding alert] SaaS startup Sourcewiz raises Rs 20 Cr in funding

[Funding alert] SaaS startup Sourcewiz raises Rs 20 Cr in funding

Software-as-a-Service (SaaS) startup for exporters Sourcewiz has raised Rs 20 crore in its pre-Series A round led by Matrix Partners India.  

The round also saw participation from other investors including 100x Entrepreneur, Rohit Kapoor (Oyo), Aniket Deb (Bizongo), Wami Capital (the family office of Transworld Group), and Razorpay Founders’ fund Marsshot Ventures.

The startup plans to use the funds to expand its team to more export centers across India.

Read also – [Funding alert] EV Startup Turno raises $3.1 mn in Seed round of funding

The Gurugram-based Sourcewiz was founded in July 2021 by Divyaanshu Makkar, Vikas Garg, and Mayur Bhangale, through its platform, it helps the lifestyle esports industry to digitize their sales and marketing functions such as product designing, cataloging, creating quotations, invoicing and trade show management.

It also plans to bring in new channels of demand for its partner manufacturers in apparel, home textiles, handicrafts, gems, jewelery and furniture, which will help them reach new geographies or new channels.

“We want to be a full-stack platform for any exporter in this country, giving them everything from the digitisation of the factory to streamline their supply chain to getting them new demand,” said Divyaanshu Makkar, cofounder, Sourcewiz.

“We serve 500-plus factories, and we have a present annualised revenue run rate of $0.5 million. We don’t burn a lot of money, so we still have scope for more growth and expansion”, he added.

Read also – [Funding alert] Arzooo raises $70 mn in Series B funding

Makkar also added that the startup plans to expand to other geographies such as Bangladesh, Turkey and Pakistan.

The company is currently operating in four hubs at Delhi, Panipat, Moradabad and Jaipur, it has also added 500 small and medium sized businesses as its customers since the platform went live in January 2022.

“Sourcewiz’s 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.

“Factory SaaS is a particularly hard sector where tech adoption has traditionally been a challenge. Indian SMBs are also traditionally hard users to monetise through SaaS. Sourcewiz has created a product that factories love, demonstrated by great sales traction and strong engagement numbers,” said, Sajith Pai from Blume Ventures and Anirudh Singh from Alpha Wave Global.

In October 2021, Sourcewiz had raied $3 million in funding round from Blume Ventures and Alpha Wave Global.

Read also – Fintech Start-up Lentra Acquires AI Startup TheDataTeam

About Sourcewiz

At Sourcewiz, they are building a platform for exporters to digitize their workflows and help them grow and manage their business. Their first product is a vertical sales software built for exporters, which allows them to market their unique creations to more buyers, generate more inquiries and increase their sales conversion. Founded by a passionate team of serial entrepreneurs and alumni of IIT Delhi, U.C Berkeley, and well-known tech companies such as Uber and Zomato; Sourcewiz is on a mission to increase India’s export GDP.

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