Sourcewiz Funding: B2B digitization platform Sourcewiz raises Rs 20 crore in funding

Sourcewiz, a business-to-business (B2B) scanning platform, raised Rs 20 crore in a funding round led by Matrix Partners India.

Angel investors including Aniket Deb, co-founder of B2B packaging company Bizongo; Wami Capital, the family office of Transworld Group, and Rohit Kapoor, global chief marketing officer of Oyo, also participated in the round.

The software-as-a-service (Saas)-based platform plans to use the funds to expand its team to more export hubs across India.

The company currently operates in hubs such as Panipat, Agra, Jaipur and Karur.

“We also plan to deepen our offering to customers by helping them access new demand channels and automate other aspects of factory operations such as procurement and payments,” said co-founder Divyaanshu. Makkar in a statement.

The company plans to expand to other geographies like Bangladesh, Turkey and Pakistan, Makkar told ET.

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Founded in 2021 by Makkar, Vikas Garg and Mayur Bhangale, Sourcewiz works with exporters to digitize their sales and marketing operations, which includes automating processes such as product design, cataloging, quoting, invoicing and management of trade shows.

“Currently, we are digitizing factory operations. However, we intend to venture into setting up e-commerce businesses for the factories we serve,” Makkar said.

The company raised $3 million in a funding round from Blume Ventures and Alpha Wave Global in October last year.

“Sourcewiz’s SaaS approach has been highly requested, appreciated by customers and adopted within the Indian exporting community, which reinforces the need for such a platform,” said Sudipto Sannigrahi, Director of Matrix India.

The company said it has onboarded around 500 customers.

“We serve over 500 factories and have a current annualized revenue rate of $0.5 million. We’re not burning a lot of cash, so we still have room for more growth and expansion,” Makkar said.

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