Sourcewiz raises INR 20Cr from Matrix Partners India

29th June, 2022. New Delhi: Sourcewiz, a SaaS platform focused on digitization for exporters and export factories, has announced that they have raised INR 20Cr in the Pre-Series A round led by Matrix Partners India and marquee angels such as 100x Entrepreneur Fund, Aniket Deb (Co-Founder, Bizongo), Wami Capital (family office of Transworld Group) and Rohit Kapoor (Global CMO, Oyo).

Previously, the company had raised their seed round of $3M in October 2021, from Blume Ventures and Alpha Wave Global.

The SaaS platform empowers exporters by digitising and transforming their sales and marketing operations, which includes automating essential processes such as product designing, cataloguing, creating quotations, invoicing and trade show management. As a result of this automation, their customers have already seen at least a 30% uptick in their revenue.

In just 5 months of the platform launch, Sourcewiz has already onboarded 300+ customers from 3 countries. The platform is seeing strong monetisation and adoption with exporter MAUs & retention both above 90%. The company currently has a presence in 4 export hubs, Delhi, Panipat, Moradabad, and Jaipur and is also seeing demand from across the country as well as from other international markets such as Pakistan and Bangladesh.

With the latest round of funding, the company plans to expand its team to over 10 hubs across the sub-continent to continue to solidify its position as a market leader in factory enablement. They also plan to deepen their offering to customers by helping them access newer demand channels and automate other aspects of factory operations such as procurement and payments.

On the fundraising, Divyaanshu Makkar, Co-founder & CEO, of Sourcewiz said, "We have established one of the largest networks of digitally connected exporters in lifestyle categories, with over 300 exporters. These are some of the best factories in India with capabilities in both design and production, but fall behind their Chinese counterparts due to a lack of digitisation and automation. As cross-border supply chains continue to shift in favour of the Indian subcontinent, these factories need to digitise critical workflows to be able to serve (importers mostly across Europe and US) and improve the overall customer experience. Our vision is to make importing from India seamless, and it can't happen unless we digitise and empower these factories. We want Sourcewiz integrated factories to be the default choice for anyone looking to import lifestyle goods.'

Existing investors, Sajith Pai from Blume Ventures and Anirudh Singh from Alpha Wave Global said "Factory SaaS is a particularly hard sector where tech adoption has traditionally been a challenge. Indian SMBs are also traditionally hard users to monetise through SaaS. Sourcewiz has created a product that factories love, demonstrated by great sales traction as well as strong engagement numbers. We are excited to welcome Matrix to the partnership, and will continue supporting Sourcewiz in their vision to digitise and empower exporters'

"We're delighted to be investing in Sourcewiz, as they aim to digitize the export landscape in India. Sourcewiz's SaaS-led approach has received strong early traction, customer love and adoption within the Indian export community, reinforcing the need for such a platform! Excited to partner with Divyaanshu, Vikas and Mayur on this journey and look forward to the next phase of growth and expansion." said Sudipto Sannigrahi, Principal, Matrix India

About Sourcewiz:
Sourcewiz is the largest digitally connected network of factories, with all their factories empowered through a common factory operating system. The company was started in July 2021, by Divyaanshu Makkar and Vikas Garg and Mayur Bhangale when they recognized the immense need for digitization in the lifestyle export industry (Apparel, Home textile, Handicrafts, Gems, Jewellery and Furniture). Their vision is to make Sourcewiz powered factories, the default choice for anyone wanting to import lifestyle products across the world.

About Matrix Partners India:
Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. Matrix India has invested in several category-leading B2B marketplaces such as OfBusiness (B2B Commerce, fintech), Captain Fresh (B2B seafood & animal protein marketplace), FarMart (SaaS enabled agri outputs marketplace), Vegrow (B2B fruits marketplace), LoadShare (tech-enabled logistics network), Bijnis (B2B fashion & footwear marketplace), and Saveo (B2B marketplace for pharmacies).

Other marquee investments include Ola (mobility), Dailyhunt (mobile local language platform), Razorpay (payments), Five Star Business Finance (SME lending), Ola Electric (electric vehicles), Stanza Living (tech-enabled student housing platform), OneCard (mobile-first credit card), DealShare (social commerce platform), Country Delight (D2C dairy & fresh foods brand), Mswipe (mobile POS), GoKwik (e-commerce enablement platform), Zupee (leading skill-based gaming app), and Oxyzo (a tech-enabled smart financing solution provider) among others. Matrix India has advisory offices in Bangalore, Delhi and Mumbai. Matrix Partners has a global network of funds investing in the US, China and India, with approximately $5 billion under management. Further information is available at www.matrixpartners.in. To know more about our investment philosophy & ideologies, check out the #MatrixMoments podcast series.

For more information, contact:
pr@matrixpartners.in