SaaS Startup TreZix Raises Funding To Help Importers, Exporters Digitise Operations
SaaS startup TreZix, which helps digitise export and import processes, has secured $1.2 Mn in seed funding from Soha Ventures and angel investors. The funding also includes grants from the Government of Gujarat.
The SaaS startup plans to utilise the fund proceeds for branding activities, product development and market expansion. It will also use the funding to acquire more customers from the export, and import space.
India’s export and import market plays an important role in the country’s economic development. As per the RBI, the nation’s export and import market was pegged at $58.22 Bn and $69.33 Bn respectively, in November last year (2022).
Nonetheless, the import and export sector has still not borne the fruits of technology as it largely operates offline and lacks digitisation, as well as automation, in its processes.
“In export and import space, everything is manual; thus, there is no structure or record of documentation. Due to the increased processing time, importers and exporters are not always connected with their clearing agents or banks or insurance, which in turn takes time to revert their toward any issues pertaining to documentation or consignment or shipment,” said Sunil Kharbanda, cofounder of TreZix.
Add to that, delays in responding or resolving an issue lead to heavy penalties imposed on importers and exporters and also, begets problems in managing their working capital.
Addressing these issues, Kharbanda along with Haresh Calcuttawala, and Shailesh Sapale founded TreZix in January 2022. The startup mainly digitises and automates the entire import and export process thus, helping exporters as well as importers increase their efficiency and achieve scalability.
“TreZix is a comprehensive import-export platform. Basically, what we are covering is digitalising the whole space of documentation, automating calculations that happen in the export-import process and also, collaborating with other stakeholders in the space,” Kharbanda stated.
The startup is currently at its pre-revenue stage and is acquiring customers across the import and export arena. It provides services to seven sectors–automotive and components, textile, chemicals, gems and jewellery, agricultural, rubber, colours and dyes. It also looks to set foot in the pharmaceutical and diamond space.
In October 2022, the startup completed its beta testing, where it worked along with 15 mid-sized Indian companies.
Prior to that, in 2020, the startup presented its framework to the Government of Gujarat and was later introduced to the Chambers of Commerce, which brought many customers to the startup for beta testing and improving the platform.
Aiming Across India Expansion
During the beta testing, TreZix received a range of feedback from customers on what India’s import and export industry would need. Based on that, the startup is currently expanding its sales operations by setting up offices in Chennai, Cochin, Surat, Ahmedabad and Bombay.
The SaaS startup follows a subscription-based model and is currently deciding on the pricing of the products.
“We will have our engine (platform) on a subscription model, and we will have variability in terms of some of the components like invoice or shipment, and then we will go ahead in terms of monetizing the whole model,” the co-founder explained.
Talking about its initial customers, the startup shared that its beta customers come from INR 50 Cr to INR 250 Cr segment and beyond. Some of its notable customers include Corner Footwear, Sumilon Industries and TrueColor.
TreZix aims to onboard all of its beta customers by March 30th. It further plans to work along with different stakeholders from the import and export sectors in a bid to integrate them with the platform.
The startup operates with 45 employees and plans to take this number to 75 in the near future. This is not all; TreZix eyes international expansion in the US market after capturing its India expansion plans.