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Funding

SaaS startup Sourcewiz raises Rs 20 Cr from Matrix Partners India

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SaaS startup Sourcewiz will use the capital to increase its team size and expand to 10 more manufacturing hubs, including Karur, Jodhpur, Ludhiana, and Tiruppur.

Software-as-a-Service (SaaS) startup for exporters Sourcewiz on Wednesday said it raised Rs 20 crore ($2.5 million) in its pre-Series A round led by Matrix Partners India.

Investors, including 100x Entrepreneur, Aniket Deb ( Bizongo ), Wami Capital (the family office of Transworld Group), Rohit Kapoor ( Oyo ), and Razorpay Founders’ fund Marsshot Ventures, also participated in the round. 

The Gurugram and Bengaluru-based startup will use the capital to increase its team size and expand to 10 more manufacturing hubs, including Karur, Jodhpur, Ludhiana, and Tiruppur, Divyaanshu Makkar, Co-founder and CEO, Sourcewiz

The startup also plans to bring new channels of demand for its partner manufacturers across apparel, home textile, handicrafts, gems, jewelry, and furniture, which will help them access newer geographies or newer channels. 

Founded in July 2021 by Divyaanshu, Vikas Garg, and Mayur Bhangale, through its Factory SaaS platform, Sourcewiz helps the lifestyle export industry digitize its sales and marketing operations such as product designing, cataloging, creating quotations, invoicing, and trade show management. 

In October last year, the startup had raised a seed round of $3 million from Blume Ventures and Alpha Wave Global.

“We want to be a full-stack platform for any exporter in this country, giving them everything from the digitization of the factory to streamline their supply chain to getting them new demand,” said Divyaanshu. 

Presently operating across four hubs in Delhi, Panipat, Moradabad, and Jaipur, it has added 500 small and medium-sized businesses as its customers since the platform went live in January 2022.  

“Factory SaaS is a particularly hard sector where tech adoption has traditionally been a challenge. Indian SMBs are also traditionally hard users to monetize through SaaS. Sourcewiz has created a product that factories love, demonstrated by great sales traction and strong engagement numbers,” said Sajith Pai from Blume Ventures and Anirudh Singh from Alpha Wave Global.

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