Business-to-business (B2B) digitization platform Sourcewiz has raised Rs 20 crore in a fundraising round headed by Matrix Partners India.
The round also included participation from angel investors such as Rohit Kapoor, the global chief marketing officer of Oyo, Wami Capital, the family office of Transworld Group, and Aniket Deb, the cofounder of B2B packaging company Bizongo.
The Software-as-a-Service (Saas)-based platform intends to use the money to increase the number of export hubs in India where its team would be located.
The company presently operates in hubs such as Panipat, Agra, Jaipur, and Karur.
“We also plan to deepen our offering to customers by helping them access newer demand channels and automate other aspects of factory operations such as procurement and payments,” cofounder Divyaanshu Makkar said in a statement.
The company plans to expand to other geographies like Bangladesh, Turkey, and Pakistan, Makkar added.
Sourcewiz, a company founded in 2021 by Makkar, Vikas Garg, and Mayur Bhangale, helps exporters digitize their sales and marketing operations by automating tasks including product design, cataloging, quotation creation, invoicing, and trade show management.
“Presently we are into digitising the factories’ operations. However, we have plans to venture into setting up ecommerce businesses for the factories we cater to,” Makkar said.
In October last year, Blume Ventures and Alpha Wave Global invested $3 million in the company’s seed round.
“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.
The firm said it had onboarded around 500 customers.
“We serve 500-plus factories, and we have a present annualized 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,” Makkar said.