Wootz.work, a global value sourcing platform for custom engineering equipment and solutions, has raised $3.5 million in a seed round led by Matrix Partners India and Nexus Venture Partners.
The round saw participation from AdvantEdge and Mars Shot Ventures (Razorpay Founders’ Fund) along with 30 angel investors like Ramakant Sharma (Livspace), Sanjiv Rangrass (ex-ITC), Vikrampati Singhania (JK Group), and the founders of Zetwerk.
The funds will be used to establish the early team, build technology, and strengthen the company’s presence in the US and UK, the company said in a release.
Wootz.work aims to streamline the cross border buying experience for light engineering products through technology and ownership of the process from design to delivery. Not only does it connect buyers with sellers, but it also links them directly to products and solutions.
With an understanding of basic parameters and a buyer’s geography, industry, and application, its technology can tailor products, contextualising existing SME capabilities for the buyer’s unique requirements. Additionally, quotations are provided within 24 hours, condensing a process that traditionally spans up to 4 weeks.
“The conditions have never been better for India and South-East Asia to emerge as a global manufacturing hub for light engineering products. However, tapping this opportunity for SMEs is not as straightforward given their scale, differing engineering standards, regulatory environments, market distances, and the imperative of robust after-sales service. Our aim is to address this need and build at scale,” said Karan Anand, co-founder and CEO.
Over the past three years, the $1.7-trillion engineering equipment industry has seen rapid supply chain transformations, and people are increasingly looking to South-East Asia for their procurement needs. However, they grapple with navigating the vast, fragmented market of nearly a million small and medium-sized enterprise (SME) suppliers. Adding to the complexity, are language barriers, the long pre-sales time inherent in custom products, and an overall broken buying experience.
Sameer Brij Verma, Managing Director, Nexus Venture Partners, said, “The firm promises a transformative approach to cross-border engineering equipment procurement, simplifying and standardising processes from design to delivery. We are thrilled to be part of this pioneering journey.”
Wootz.work is currently working with factories and original equipment manufacturers (OEMs) in the UK across their growth, automation, and MRO phases, driving supply chain innovations and capital expenditure optimisation. The company will be setting up new offices in the UK and the US this year.