Sourcewiz Secures Funding from Blume Ventures & AWI

Challenges Faced by Indian Exporters

Indian exporters, particularly those classified as small and medium-sized enterprises, often encounter difficulties in effectively communicating their designs to prospective buyers. Publicly displaying designs on websites or prominent business-to-business platforms like Alibaba and IndiaMart carries the inherent risk of intellectual property compromise, potentially allowing competitors to replicate their work.

Traditional Communication Methods

Consequently, these exporters have historically relied on methods such as PDF documents and PowerPoint presentations to showcase their creations to potential clients – ranging from globally recognized brands like Zara to Armani. This approach, however, proves inefficient when it comes to managing the iterative process of feedback and precise specification requests.

Introducing SourceWiz

Recognizing this challenge, three entrepreneurs – previously associated with Zomato and Bessemer – have launched SourceWiz. The five-month-old startup recently secured $3 million in funding, led by Blume Ventures and Falcon Edge Capital’s Alpha Wave Incubation (AWI). Additional investment came from Dhruvil Sanghvi of Loginext, Ashish Tulsian of Posist, and Rakshita Agrawal of Wayfair.

Digitizing Export Operations

SourceWiz offers a platform designed to modernize the operational processes of exporters. According to Divyaanshu Makkar, co-founder and CEO, the platform’s core function is to improve cataloging, directly impacting revenue generation.

Streamlining Catalog Creation

Creating a comprehensive catalog involves consolidating data from various sources – including images, pricing, and product IDs. Traditionally, this process can take up to five days. However, SourceWiz enables exporters to construct a customized catalog within a mere 15 minutes.

The Significance of the Indian Export Market

India stands as a major global exporter, a position further strengthened by recent geopolitical shifts. The combined exports of textiles, footwear, and other design-focused products reached approximately $40 billion in the fiscal year ending March.

Blume Ventures’ Perspective

Sajith Pai, director at Blume Ventures, emphasized the growing need for digitization tools among Indian exporters striving for global competitiveness. He stated that SourceWiz has the potential to facilitate $200 billion in online transactions, praising the founding team – Divyaanshu, Vikas Garg, and Mayur Bhangale – for their dedication to addressing this substantial challenge.

Addressing an Untapped Market

The Indian market presents a significant opportunity, with several companies, including Amazon, attempting to assist Indian businesses in reaching international customers.

Amazon’s Approach vs. SourceWiz

In August, Amazon reported that over 70,000 Indian businesses had collectively exported goods worth over $3 billion. However, Amazon primarily targets the business-to-consumer (B2C) market, while SourceWiz focuses on business-to-business (B2B) transactions.

SourceWiz’s Unique Position

SourceWiz caters to exporters specializing in customized, often handmade products. Furthermore, it operates as a service provider, charging a licensing fee, rather than a marketplace.

Current Traction and Future Plans

Despite the challenges posed by the coronavirus pandemic, SourceWiz has already onboarded a substantial number of exporters. The startup intends to expand its services to include logistics, payment processing, and financing options.