Sourcewiz, a platform for exporters, has raised $3 million in a seed round of funding. Blume Ventures and Alpha Wave Incubation (AWI), which is backed by DisruptAD and managed by Falcon Edge, co-led the funding round, the company said in a statement.
The round also saw the participation of angel investors such as Ravi Bhargava, Former CEO Arvind Limited, one of India’s largest export houses, Rakshita Agrawal, GM at Wayfair, US-based home furnishing marketplace, and other marquee angels with experience in SaaS (software as a service) such as Dhruvil Sanghvi, Co-founder and CEO, Loginext and Ashish Tulsian of Posist.
Going forward, the team plans to further technical capabilities such as payments, financing, and logistics. The startup has built a platform to digitise exporters, help them increase their revenue and manage their operations better.
“COVID-19 created a multitude of massive challenges for exporters. They had to quickly move to a completely digital way of selling and meeting new buyers and faced acute labor shortages and shipping delays. Despite this, exporters who had invested in digital infrastructure have been able to grow as buyers all around the world are trying to diversify their sourcing destinations," said Co-Founder and CEO, Divyaanshu Makkar on the fundraise.
The Gurugram-based startup is currently focused on India but has plans to expand offerings to other Asian countries such as Bangladesh, Indonesia, and Vietnam.
Divyaanshu added, "We are democratising access to digital infrastructure through our platform to enable all exporters to grow and seamlessly manage their business. We are already seeing some of our early customers double the number of buyers they engage with. Our team is most excited by the positive economic impact we can have on our country by empowering exporters and increasing India’s export volume."
Sourcewiz was started earlier this year by a team of second-time entrepreneurs Divyaanshu Makkar, Vikas and Mayur. Before starting Sourcewiz, Divyaanshu worked as an investor at Bessemer Venture Partners and as a management consultant at EY-Parthenon. Vikas has experience in product management and analytics with Zomato where he met Mayur who has product and engineering experience at Zomato, Uber and Bayut.
There are more than 150,000 exporters in its target markets who conduct >$200B of business transactions. COVID-19 disrupted the way exporters functioned, and clearly showed cracks in the technology infrastructure they had available to them. Sourcewiz wants to empower these exporters by digitally enabling them and giving them tools to grow.
Anirudh Singh, Managing Director at AWI added “Having tracked the international B2B trade commerce market, we believe Sourcewiz targets the most fundamental problems within the export value chain through its technology platform.”