Blume Ventures-Backed Sourcewiz Bags Funding To Help Indian Exporters Digitise Businesses

Sourcewiz, a SaaS platform for exporters, has raised $2.5 Mn (INR 20 Cr) in its Pre-Series A funding round led by Matrix Partners India. 

100x Entrepreneur Fund, MarsShot Ventures, which is Razorpay Founders’ fund, and angel investors including Aniket Deb from Bizongo, Wami Capital from Transworld Group, Rohit Kapoor from Oyo also participated in the round. 

Sourcewiz plans to deploy funds to expand its team to over 10 export hubs in India. It will further use funds to widen its offerings.

The latest development comes after Sourcewize secured $3 Mn in a seed funding round from 

Blume Ventures, Alpha Wave Incubation, Ravi Bhargava from Arvind Ltd, Rakshita Agrawal from Wayfair, Dhruvil Sanghvi from Loginext and Ashish Tulsian from Posist.

Commenting on the fundraising, Divyaanshu Makkar, cofounder and CEO of Sourcewiz said, “We are connected with some of the best factories in India that hold capabilities in design and production but fall behind Chinese counterparts due to lack of digitisation and automation. As cross-border supply chains continue to shift in favour of the Indian subcontinent, these factories need to digitise workflows so as to serve importers. Our vision is to make importing from India seamless, and it can’t happen unless we digitise and empower these factories.” 

Founded in 2020 by Divyaanshu Makkar, Vikas Garg and Mayur Bhangale, the New Delhi-based startup facilitates Indian exporters in digitising their factories and managing operations better. It primarily focuses on the country’s lifestyle industry thereby, enabling exporters to swiftly create catalogues and share them with buyers globally. Besides, it also helps exporters to track buyers’ activities on the catalogues too. 

To digitise exporters’ business, Sourcewiz’s SaaS platform automates essential processes such as product designing, cataloguing, creating quotations, invoicing and trade show management. 

Sourcewiz’s customers have witnessed a minimum of 30% uptick in their revenue, according to the startup. 

Sourcewiz claims to have over 300 customers across three countries. It is presently operating in four export hubs of India including Delhi, Panipat, Moradabad and Jaipur. It is looking to foray into international markets including Pakistan and Bangladesh.

In the SaaS sector, the startup faces competition from BarRaiser, Spry, and Draup. 

India’s SaaS industry, which is poised to touch a $30 Bn mark by 2025, received investments worth $4.5 Bn in 2021, up by 170% as compared to the previous year (2020). 

Despite the funding winter and economic slowdown, the SaaS industry has been showing signs of positive growth. Recently, India got its 103rd unicorn after SaaS startup LeadSquared raised $153 Mn at a valuation of over $1 Bn. 

Further, recently SaaS startup Lentra acquired AI startup TheDataTeam, BarRaiser secured $4.2 Bn, and Toplyne raised $15 Mn funding.