SaaS Startup Sourcewiz Raises Rs 20 Cr In Pre-series A Funding
Sourcewiz, a Software-as-a-Service (SaaS) startup for exporters, has raised Rs 20 crore ($2.5 million) in its pre-Series A round led by Matrix Partners India.
The funding round also saw participation from investors including 100x Entrepreneur, Aniket Deb (Bizongo), Wami Capital (the family office of Transworld Group), and Razorpay Founders’ fund Marsshot Ventures.
As per the startup, the raised funds will be used to increase its team size and expand to 10 more manufacturing hubs, including Karur, Jodhpur, Ludhiana, and Tiruppur.
Sourcewiz | Unlocking Growth For Exporters
Founded by Divyaanshu Makkar, Vikas Garg, and Mayur Bhangale in July 2021, Sourcewiz is a B2B digitisation startup building a platform for exporters to digitise their workflows and help them grow and manage their business.
Through its Factory SaaS platform, the Gurugram and Bengaluru-based startup helps the lifestyle export industry digitise their sales and marketing operations such as cataloguing, product designing, creating quotations, invoicing, and trade show management.
Speaking about the development, Divyaanshu Makkar, Co-founder and CEO of Sourcewiz, said,
“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.”
With this funding, Sourcewiz plans to bring new channels of demand for its partner manufacturers across apparel, handicrafts, gems, home textile, jewellery, and furniture, which will help them access new geographies or channels.
Sourcewiz operates across four hubs in Delhi, Panipat, Moradabad, and Jaipur. Since the platform went live in January 2022, it has added 500 small and medium-sized businesses as its customers.
Commenting on the development, 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 and strong engagement numbers.”
As per a report by Motilal Oswal, the Indian SaaS ecosystem is expected to increase its share of global SaaS to 4-5% (from about 1% at present), translating to a $50-70 billion revenue opportunity by the calendar year 2030.