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Wootz.work raises $3.5M led by Matrix Partners India and Nexus Venture Partners
New Delhi, Tuesday, 22nd August, 2023: Wootz.work, a global best value sourcing platform for custom engineering equipment and solutions, has raised ~$3.5 Million in a seed round led by Matrix Partners India and Nexus Venture Partners. The round saw participation from AdvantEdge and Mars Shot Ventures (Razorpay Founders' Fund) along with 30 angel investors like Ramakant Sharma (Livspace), Sanjiv Rangrass (ex-ITC), Vikrampati Singhania (JK Group) and the founders of Zetwerk. The funds will be used to establish the early team, build technology and strengthen presence in the US and UK.
Wootz.work aims to streamline the cross border buying experience for light engineering products through technology and ownership of the process from design to delivery. Redefining the norms of conventional marketplaces, Wootz.work goes beyond just connecting buyers with sellers—it links them directly to products and solutions. With an understanding of basic parameters and a buyer's geography, industry and application, Wootz.work’s technology can instantly tailor products, contextualizing existing SME capabilities for the buyer’s unique requirements. Quotations are provided within 24 hours, condensing a process that traditionally spans upto 4 weeks.
Over the past three years, the $1.71 Trillion engineering equipment industry has seen rapid supply chain transformations. Western buyers, in pursuit of value-driven capital expenditure, are increasingly looking at Southeast Asia for their procurement needs. However, they grapple with navigating the vast, fragmented market of nearly a million Small and Medium-sized Enterprise (SME) suppliers. Adding to the complexity, are language barriers, long pre-sales time inherent in custom products and an overall broken buying experience. Wootz.work, through its cross border platform, aims to bridge this gap.
Founded in March 2023, by Karan Anand and Himanshu Uniyal, the need for a fast, seamless and reliable global procurement platform became apparent as they were setting up factories for their former employer, Zume Inc. Karan and Himanshu cumulatively have 25 years of experience in engineering procurement, project management and international business development. They are alumni of Stanford University and Indian Institute of Technology - Kharagpur (IIT-KGP) respectively.
Karan Anand, Co-Founder & CEO shared “We are convinced that the conditions have never been better for India and Southeast Asia to emerge as a global manufacturing hub for light engineering products. However, tapping this opportunity for SMEs is not as straightforward given their scale, differing engineering standards, regulatory environments, market distances and the imperative of robust after-sales service. Our goal at Wootz.work is to address this need and build at scale, to become a trusted, enduring procurement channel for our global customers."
Himanshu Uniyal, Co-Founder & COO, added, “Our supply partners, SMEs from India and Southeast Asia, have a proven track record of technical excellence and often outperform economically in segments spanning from material handling to electrical equipment and MRO. At Wootz.work, we harness this technical and economic edge, speeding up the entire procurement journey - from pre-sales to logistics aiming to match, if not surpass, local market delivery speeds, all while ensuring top-tier after-sales support.”
Sudipto Sannigrahi, Principal, Matrix Partners India, shared, “We at Matrix are super excited about the manufacturing opportunity in India. A combination of the realignment of global supply chains, China + 1 and maturing of the Indian manufacturing sector has positioned India to be the manufacturing hub for the world. Wootz’s platform empowers Indian SME manufacturers to sell globally by solving key bottlenecks like design and quality. Karan and Himanshu bring extensive experience in setting up manufacturing facilities through the course of their respective careers and we are privileged to partner with them in the Wootz journey.”
Sameer Brij Verma, Managing Director, Nexus Venture Partners, said, “We at Nexus are very excited to partner with the Wootz team on their journey to build a world-class platform revolutionizing the world of engineering equipment procurement from India and South East Asia. Wootz’s platform radically simplifies cross-border procurement by enhancing and standardizing the purchase experience across all phases right from equipment design to delivery.”
Wootz.work is currently working with factories and Original Equipment Manufacturers (OEMs) in the UK across their growth, automation, and MRO phases, driving supply chain innovations and capital expenditure optimization. The company will be setting up new offices in the UK and US this year.
About Wootz.work:
Wootz.work is pioneering a tech-driven platform for cross-border procurement of light engineering products and solutions, aiming to revolutionize procurement for global factories, OEMs, and system integrators during expansion, automation, and MRO stages. At its heart, the platform can pair buyers with products and solutions within 24 hours and ensure seamless delivery to the customer's location.
Beyond procurement, Wootz.work emphasizes value engineering: products optimized for easy installation and efficient shipping, components selected for end-market serviceability and compliance, and consolidated warranties across manufacturers. The platform also provides virtual factory tours, comprehensive fulfillment dashboards, and round-the-clock after-sales support. Website Link: wootz.work
About Matrix Partners India:
Founded in 2006, Matrix India invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. The firm has invested in several category-leading B2B marketplaces such as OfBusiness (B2B Commerce, fintech), Captain Fresh (B2B seafood marketplace), FarMart (SaaS-enabled B2B agri outputs), Vegrow (B2B fruits), LoadShare (tech-enabled B2B logistics network), Bijnis (B2B fashion & footwear), Saveo (B2B for pharmacies), Ximkart (B2B Raw Material imports), Sourcewiz (SaaS-enabled B2B exports), ZippMat (construction supply chain platform) amongst others.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. Further information is available at www.matrixpartners.in. To know more about our investment philosophy & ideologies, check out the #MatrixMoments podcast series.
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