Sourcewiz gets $3 million seed funding from Blume Ventures, Alpha Wave
The fundraising saw the participation of angel investors like Ravi Bhargava (Former CEO, Arvind Ltd.), Rakshita Agrawal (GM at Wayfair USA), Dhruvil Sanghvi (Loginext) and Ashish Tulsian (Posist).
The capital will be used by the Gurugram-based SaaS startup to expand its engineering, product management, sales, and customer success teams.
Founded in 2021 by second-time entrepreneurs Divyaanshu Makkar, Vikas Garg and Mayur Bhangale, Sourcewiz has built a platform to digitalise operations of exporters and grow their revenue at a time when the pandemic crippled their business.
“Covid-19 created a multitude of massive challenges for exporters. They had to quickly move to a completely digital way of selling and meeting new buyers and faced labour shortages and shipping delays,” CEO Makkar said in a statement. “Despite this, exporters who had invested in digital infrastructure have been able to grow as buyers all around the world are trying to diversify their sourcing destinations.”
Using the Sourcewiz platform, exporters have been able to cater to more buyers, increase sales conversion rate and reduce sampling cost, the company said. “We are already seeing some of our early customers double the number of buyers they engage with,” Makkar said.
Going forward, the team plans to expand its suite of offerings to include digital payments, online financing and tech-driven logistics.
There are more than 150,000 exporters in the company’s target market who conduct more than $200 billion worth of business transactions. The pandemic disrupted the way they functioned, and exposed cracks in the technology infrastructure available to them.
“As they (Indian exporters) compete on the global stage, they are craving for tools that will digitise their workflows and help them trade faster and better,” said Sajith Pai, director at Blume Ventures. “This is where Sourcewiz comes in. We are excited by Sourcewiz’s potential to bring aboard $200b of transactions online.”
The company is currently focused on India but has plans to expand offerings to other Asian countries such as Bangladesh, Indonesia and Vietnam. “The team’s global-first approach is perfectly suited to take this product international,” Anirudh Singh of Alpha Wave said.