SaaS startup Wootz.work raised $3.5 million in seed led by Matrix Partners India and Nexus Venture Partners. The funding round also saw participation from AdvantEdge, Mars Shot Ventures, and an array of 30 angel investors, including Livspace co-founder Ramakant Sharma and Zetwerk founders.
Wootz.work Funding for Team Building, Technology, and Global Expansion
The newly acquired funds will play a crucial role in establishing Wootz.work’s early team, further developing their technology, and bolstering their presence in the United States and the United Kingdom. The startup, founded in 2023 by Karan Anand and Himanshu Uniyal, is dedicated to optimizing the cross-border buying experience for light engineering products through technology-driven processes that span from design to delivery.
Transformative Approach to Cross-Border Buying
Wootz.work serves as a link between buyers and sellers while directly connecting them to products and solutions. The company’s technology enables rapid customization of products, tailoring SME capabilities to match each buyer’s unique requirements. Their focus is on streamlining cross-border procurement for small and medium enterprises (SMEs), addressing challenges like scale differences, diverse engineering standards, regulatory nuances, and geographic distances.
Wootz.work Expansion Plans and Mission
Karan Anand, the co-founder and CEO of Wootz.work, envisions India and Southeast Asia emerging as global manufacturing hubs for light engineering products. He emphasizes that the current environment offers optimal conditions for this growth, while acknowledging the complexities SMEs face. The startup’s mission is to become a reliable procurement channel for global customers by addressing these challenges and establishing a trusted presence in the industry.
Commitment to Manufacturing and SME Sector
Wootz.work is already collaborating with factories and Original Equipment Manufacturers (OEMs) in the UK, assisting them throughout growth, automation, and maintenance, repair, and operation (MRO) phases. The company plans to expand its footprint this year by opening new offices in the UK and the US. As the SME sector in India remains a significant contributor to both manufacturing GDP and service activities GDP, startups like Wootz.work are contributing to the sector’s growth and innovation. Despite funding challenges faced by Indian startups in recent times, opportunities continue to arise for companies focused on aiding and enhancing SME businesses across various segments.
