Sourcewiz raises Rs 20 crore in funding round led by Matrix Partners

29 Jun 2022 , 10:22 AM

Matrix Partners India led a Rs20 crore funding round for Sourcewiz, a business-to-business (B2B) digitization platform.

The round was also accompanied by the angel investors namely Aniket Deb, co-founder of B2B packaging firm Bizongo; Wami Capital, Transworld Group's family office; and Rohit Kapoor, global chief marketing officer of Oyo.

Sourcewiz strives to utilize the fund for the expansion of its team to more export hubs across India. Currently, it is operating in hubs across Panipat, Jaipur, Agra, and Karur.

The company also envisages its expansion to other geographies like Turkey, Pakistan, and Bangladesh.
Sourcewiz, founded in 2021 by Makkar, Vikas Garg, and Mayur Bhangale, assists exporters in digitizing their sales and marketing operations, including product design, cataloging, and creating quotations, invoicing, and trade show management.

"Sourcewiz's SaaS-led approach has received strong early traction, customer love, and adoption within the Indian export community," commented Sudipto Sannigrahi, principal, Matrix India.

In October of last year, the company raised $3 million in a seed round led by Blume Ventures and Alpha Wave Global.

According to the company, around 500 customers are associated with it so far.