Small and medium-sized exporters in India wrestle to speak their designs with patrons. They can’t listing these designs publicly on their web site or promote via common business-to-business platforms akin to Alibaba and IndiaMart, as doing so would threat making a gift of the proprietary property to rivals.
So they’ve historically showcased their work to potential patrons — who on this equation, relying on the class, may very well be anybody from Zara to Armani — in PDF and PowerPoint shows.
The approach their enterprise works is that patrons provide suggestions and present specs for precisely what they need. PDF and shows, as you’ll be able to think about, should not probably the most environment friendly strategy to relay such conversations.
That’s the issue that attracted three entrepreneurs — two of whom labored at Zomato beforehand and one as an investor at Bessemer. Their startup, five-month-old SourceWiz, mentioned on Thursday it has raised $3 million in a spherical led by Blume Ventures and Falcon Edge Capital’s Alpha Wave Incubation (AWI). (Various different traders together with Dhruvil Sanghvi of Loginext, Ashish Tulsian of Posist, and Rakshita Agrawal of Wayfair additionally participated within the spherical.)
SourceWiz has constructed a platform to digitize the way in which exporters function. Its platform helps them modernize their cataloguing, which results in a direct enchancment in income, mentioned Divyaanshu Makkar, the startup’s co-founder and chief govt, in an interview with W3Techy.
Cataloguing might sound like a straightforward drawback, but it surely entails combining info akin to photos, costs, product ID from a number of databases and then combining them from scratch. “An exporter is able to use our platform to build their customized catalogue in 15 minutes. This task takes about five days if done in the traditional way,” he mentioned.
India is likely one of the world’s largest exporters — and it’s an area that has change into much more common due to current geopolitical dynamics, mentioned Sajith Pai, director at Blume Ventures, in a press release. The complete exports of textiles, footwear and miscellaneous design-led merchandise was about $40 billion within the monetary 12 months that resulted in March.
“As exporters compete on the global stage, they are craving for tools that will digitize their workflows and help them trade faster and better. This is where SourceWiz comes in. We are excited by SourceWiz’s potential to bring aboard $200 billion of transactions online. Most of all we are excited by the passion of the founding team — Divyaanshu, Vikas Garg and Mayur Bhangale — and their obsession to take on this massive challenge,” he added.
India’s market can be largely untapped. In current years, a number of corporations — together with Amazon — have tried to make inroads to assist Indian companies promote to prospects globally.
Amazon mentioned in August, as an illustration, that over 70,000 Indian companies had cumulatively exported over $3 billion value of things. But Amazon is making an attempt to cater to completely different segments of exporters.
Amazon focuses on the B2C market, whereas SourceWiz is a business-to-business play. This implies that SourceWiz is serving exporters who largely produce and promote hand-made merchandise that aren’t bought with out customization. Additionally, SourceWiz shouldn’t be a market. (The startup makes cash by charging a licensing payment for its service to exporters.)
The startup has already amassed dozens of exporters on its platform — regardless of the hands-on nature of this enterprise, which as you’ll be able to think about, has been severely disrupted by the coronavirus. Makkar mentioned the startup will ultimately broaden its choices by integrating logistics, funds, and financing companies to its platform.
It additionally plans to develop its choices to different Asian international locations akin to Bangladesh, Indonesia, and Vietnam sooner or later.