Sourcewiz, a SaaS platform focused on digitization for exporters and export factories, has announced that they have raised INR 20Cr in the Pre-Series A round led by Matrix Partners India and marquee angels such as 100x Entrepreneur Fund, Aniket Deb (Co-Founder, Bizongo), Wami Capital (family office of Transworld Group) and Rohit Kapoor (Global CMO, Oyo).
Previously, the company had raised their seed round of $3M in October 2021, from Blume Ventures and Alpha Wave Global.
In just 5 months of the platform launch, Sourcewiz has already onboarded 300+ customers from 3 countries. The platform is seeing strong monetisation and adoption with exporter MAUs & retention both above 90%. The company currently has a presence in 4 export hubs, Delhi, Panipat, Moradabad, and Jaipur and is also seeing demand from across the country as well as from other international markets such as Pakistan and Bangladesh.
With the latest round of funding, the company plans to expand its team to over 10 hubs across the sub-continent to continue to solidify its position as a market leader in factory enablement. They also plan to deepen their offering to customers by helping them access newer demand channels and automate other aspects of factory operations such as procurement and payments.
On the fundraising, Divyaanshu Makkar, Co-founder & CEO, of Sourcewiz said, “We have established one of the largest networks of digitally connected exporters in lifestyle categories, with over 300 exporters. These are some of the best factories in India with capabilities in both design and production, but fall behind their Chinese counterparts due to a lack of digitisation and automation. As cross-border supply chains continue to shift in favour of the Indian subcontinent, these factories need to digitise critical workflows to be able to serve (importers mostly across Europe and US) and improve the overall customer experience. Our vision is to make importing from India seamless, and it can’t happen unless we digitise and empower these factories. We want Sourcewiz integrated factories to be the default choice for anyone looking to import lifestyle goods.”
Existing investors, Sajith Pai from Blume Ventures and Anirudh Singh from Alpha Wave Global said “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 as well as strong engagement numbers. We are excited to welcome Matrix to the partnership, and will continue supporting Sourcewiz in their vision to digitise and empower exporters”
“We’re delighted to be investing in Sourcewiz, as they aim to digitize the export landscape in India. 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! Excited to partner with Divyaanshu, Vikas and Mayur on this journey and look forward to the next phase of growth and expansion.” said Sudipto Sannigrahi, Principal, Matrix India.