Exporter digitisation platform Sourcewiz has raised $3 Mn in a seed round co-led by Blume Ventures and Alpha Wave Incubation.
Ravi Bhargava (Former CEO Arvind Limited), Rakshita Agrawal (GM at Wayfair) and other marquee angels with experience in SaaS such as Dhruvil Sanghvi (Loginext) and Ashish Tulsian (Posist) also participated in the round.
Sourcewiz has built a platform that helps exporters digitise their business and manage their operations better. The startup provides tools for exporters to quickly build, send and track buyer activity on product catalogues.
According to the startup, the platform has enabled exporters to cater to more buyers, increase sales conversion rates and reduce sampling costs.
Sourcewiz plans to use the funds to expand its engineering, product management, sales, and customer success teams. It is currently focused on India but has plans to expand into other Asian countries, including Bangladesh, Indonesia and Vietnam.
The startup said that there are more than 150,000 exporters in Sourcewiz’s target markets who conduct business transactions worth more than $200 Bn.
“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 acute labour shortages and shipping delays,” said Divyaanshu Makkar, founder and CEO of Sourcewiz.
Makkar claims that Sourcewiz’s early customers have doubled the number of buyers they are engaged with.
Merchandise exports from India hit a record high of $35.2 Bn in July 2021. This number represents an increase of 47.91% over the $23.78 Bn in July 2020 and over 34.1% over the $26.23 billion in 2019.
Between 2021 and 2026, India’s foreign trade policy is expected to focus on MSMEs and new export potential. The government will be focusing on promoting exports of high value-added products where India has a strong domestic manufacturing base. This includes engineering goods, electronics, drugs and pharmaceuticals, textiles and agriculture.