Software-as-a-Service (SaaS) platform that digitalises operations for exporters, Sourcewiz recently announced that it had raised $3 million in a seed funding spherical led by Blume Ventures and Alpha Wave Incubation. The fundraising attracted the participation of angel buyers like Ravi Bhargava (Former CEO, Arvind Ltd.), Rakshita Agrawal (GM at Wayfair USA), Dhruvil Sanghvi (Loginext) and Ashish Tulsian (Posist).
Established by second-time entrepreneurs Divyaanshu Makkar, Vikas Garg and Mayur Bhangale, Sourcewiz has constructed a platform to digitalise operations of exporters and develop their income at a time when the pandemic crippled their enterprise.
Utilising the Sourcewiz platform, exporters have been capable of catering to extra patrons, improving gross sales conversion fees and scaling back sampling value, the corporate stated.
“Covid-19 created a large number of challenges for exporters. They needed to shortly transfer to a totally digital method of promoting and assembling new patrons and confronted labour shortages and delivery delays. Regardless of this, exporters who had invested in digital infrastructure have been capable of developing as patrons all around the globe are attempting to diversify their sourcing locations. We’re already seeing a few of our early clients double the variety of patrons they have interaction with,” said Divyaanshu Makkar, Co-Founder and CEO, Sourcewiz.
Sajith Pai, Director, Blume Ventures, said, “As they (Indian exporters) compete on the worldwide stage, they’re longing for instruments that may digitise their workflows and assist them commerce sooner and higher. That is the place Sourcewiz is available in. We’re excited by Sourcewiz’s potential to convey aboard $200b of transactions on-line”.
The Gurugram-based SaaS startup will likely utilise the capital to develop its engineering, product administration, gross sales, and buyer success groups. Going ahead, the workforce plans to develop its suite of choices to incorporate digital funds, on-line financing and tech-driven logistics. The corporation is currently focused on India but has plans to expand offerings to other Asian countries such as Bangladesh, Indonesia, and Vietnam.
