Decoded: WizCommerce's Solution for International Trade
Can WizCommerce's digital magic revolutionise the complex world of global B2B trade?
Startup: WizCommerce (Formerly Sourcewiz)
Location: New Delhi
Sector: B2B SaaS
Investors: Blume, 100x Entrepreneur Fund, MarsShot Ventures
Ever heard of Sourcewiz?
This startup is on a mission since 2020 to sprinkle some much-needed magic on the B2B commerce world.
Now known as WizCommerce, think of them as the Hogwarts for exporters and importers, making the complex world of trade as easy as waving a wand.
The co-founders, Divyaanshu Makkar, Mayur Bhangale and Vikas Garg are the trio that ignited the magic together in this space.
Divyaanshu and Vikas met as students in IIT Delhi, while Mayur was a colleague of Vikas when they worked as Product Managers in Zomato. Divyaanshu also had a brief consulting stint at EY Parthenon and as a VC in Bessemer Venture Partners. As Sourcewiz took off, Divyaanshu dropped out of his MBA program at UC Berkeley to build the company in 2021. Mayur, formerly CTO, left WizCommerce in December 2023.
What are they trying to solve?
See - in the traditional export-import business, there are numerous challenges: complex supply chains, inefficient procurement processes, and outdated systems which lead to delayed deliveries, inefficient cashflow management and so on.
Sourcewiz recognized the need of a digital makeover over these archaic processes.
Their mission? To simplify and streamline B2B transactions for wholesalers, distributors, and manufacturers and to digitize their end-to-end sales, making life easier for exporters and importers around the globe.
Sourcewiz’s platform is designed to make the B2B procurement process smoother.
They currently have four products - WizOrder, Sourcewiz, WizPay, WizAI.
WizOrder integrates ERP, CRM, accounting packages and website to manages the processes end-to end, WizPay an easy to use payment gateway on the platform, WizAI is a smart AI-powered recommendation engine, while Sourcewiz is a tech platform for sales, merchandising and design teams in B2B manufacturing and exports.
Sourcewiz consists of three components:
WizPIM - Product Information Management tool for designs
Sourcewiz Studio - Catalogue Management tool
Tradefair App - Product Label generator and customer enquiry manager
By digitizing the entire process, they’ve brought transparency and efficiency to an industry that relied on mountains of paperwork for day-to-day operations.
As per an ET article, there are more than 150,000 exporters in the company’s target market who conduct more than $200 Billion worth of business transactions.
Here's how their fundraising progress has shaped up until this point.
In October 2021, they raised $3 Million in a seed round led by Blume Ventures, Alpha Wave Incubation (AWI) and other Angel investors.
In June 2022, they further raised INR 20 Crore in Series- A funding from Matrix Partners India, Neon Wami Capital and other Angel investors.
The company is continually adding new features to their platform and plan to expand further into new geographies and expand operations in India.
They have already been named in Forbes Asia’s 30 Under 30 - Enterprise Technology list 2023.
The Road Ahead for WizCommerce
As per financial intelligence platform Tracxn, WizCommerce generated INR 2.21 Crores in Revenues in FY 22-23, and Net Losses of INR 17.45 Crores.
For a B2B SaaS platform, scaling comes with a set of challenges, from navigating complex supply chains to addressing outdated procurement and delivery processes. More recently, integration of AI in B2B SaaS products has been unlocking new opportunities in an increasingly competitive market landscape.
WizCommerce has entered the AI realm with WizAI. A proprietary recommendation engine which as per the company’s claims delivers buyer and product recommendations with an accuracy rate of 70%. This is an unique advantage for India-first SaaS companies, being ahead of the curve with an all encompassing product suite developed internally in preparation for rapid expansion.
WizCommerce ‘s magical integration solution aims to compete with US-based giants like Repzio and BigCommerce. WizCommerce boldly claims itself as the #1 alternative to Repzio on their website with more customisation and post-sales support!
We’ll be watching for what’s more in store for WizCommerce keenly.