Startup funding: Engineering equipment procurement solution company Wootz.work on Tuesday announced raising $3.5 million in seed fund round led by the venture capital firms Matrix Partners and Nexus Venture Partners. The round also saw participation of 30 other angel investors including Ramakant Sharma (Livspace), Sanjiv Rangrass (ex-ITC), Vikrampati Singhania (JK Group), and the founders of Zetwerk.
Karan Anand, Co-Founder & CEO shared, “We are convinced that the conditions have never been better for India and Southeast 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, he said. “Our goal at Wootz.work is to address this need and build at scale, to become a trusted, enduring procurement channel for our global customers.”
According to the release, the company is currently working with factories and Original Equipment Manufacturers (OEMs) in the UK across their automation and the MRO phases, and setting up supply chains. It plans to set up offices in the UK and the USA this year.
“A combination of the realignment of global supply chains, China + 1 and maturing of the Indian manufacturing sector has positioned India to be the manufacturing hub for the world. Wootz’s platform empowers Indian SME manufacturers to sell globally by solving key bottlenecks like design and quality,” said Sudipto Sannigrahi, Principal, Matrix Partners India.
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Founded in March 2023, Wootz.work facilitates tech-based cross-border buying of light engineering products, undertaking the process from design to delivery. The company provides tailored products for small and medium-sized enterprises, to fit their expectations and requirements on the basis of the enterprise’s geography, process and application. Wootz.work provides quotations within 24 hours and helps in completing the process within a month.