Blume Ventures and AWI support SaaS start-up from Indian exporter SourceWiz – TechCrunch
Small and medium-sized Indian exporters find it difficult to communicate their designs to buyers. They cannot list these designs publicly on their website or sell through popular ecommerce platforms as this will risk ceding exclusive ownership to competitors.
So, they have traditionally presented their work to potential buyers – who in this equation, depending on the category, could be anyone from Zara to Armani – in PDF and PowerPoint presentations.
The way their business works is that buyers offer feedback and provide specifications for exactly what they want. PDFs and presentations, as you can imagine, are not the most effective way to relay such conversations.
This is the problem that attracted three entrepreneurs, two of whom worked at Zomato previously and one as an investor at Bessemer. Their five-month-old startup, SourceWiz, said Thursday it raised $ 3 million in a round led by Blume Ventures and Falcon Edge Capital’s Alpha Wave Incubation (AWI).
SourceWiz has built a platform to digitize the way exporters operate. Its platform helps them modernize their cataloging, which leads to direct revenue improvement, said Divyaanshu Makkar, the startup’s co-founder and CEO, in an interview with TechCrunch.
Cataloging might seem like an easy problem, but it involves combining information like images, prices, product IDs from multiple databases and then combining them from scratch. “An exporter can use our platform to build his personalized catalog in 15 minutes. This task takes around 5 days if done in the traditional way, ”he said.
India is one of the world’s largest exporters – and it’s a space that has become even more popular due to recent geopolitical dynamics, Sajith Pai, director of Blume Ventures, said in a statement. Total exports of textiles, footwear and various design-oriented products were about $ 40 billion in the fiscal year that ended in March.
“As exporters compete on the global stage, they crave tools that will digitize their workflows and help them trade faster and better. This is where SourceWiz comes in. We are excited about Sourcewiz’s potential to bring $ 200 billion in online transactions. Above all, we are enthusiastic about the passion of the founding team – Divyaanshu, Vikas and Mayur – and their obsession with taking up this daunting challenge, ”he added.
The Indian market is also largely untapped. In recent years, several companies, including Amazon, have tried to make inroads to help Indian businesses sell to customers around the world.
Amazon said in August, for example, that more than 70,000 Indian companies had exported a total of more than $ 3 billion of items. But Amazon is trying to reach out to different segments of exporters.
Amazon focuses on the B2C market, while SourceWiz is a business-to-business game. This means SourceWiz serves exporters who largely produce and sell handmade products that are not sold without customization. Moreover, SourceWiz is not a market. (The startup makes money by charging exporters a license fee for its service.)
The startup has already amassed dozens of exporters on its platform – despite the practicality of this activity which, as you can imagine, has been severely disrupted by the coronavirus. Makkar said the startup will eventually expand its offerings by integrating logistics, payment and finance services into its platform.
It also plans to expand its offerings to other Asian countries such as Bangladesh, Indonesia and Vietnam in the future.