Wootz.work, a global best value sourcing platform specializing in custom engineering equipment and solutions, has raised approximately $3.5 million in a seed funding round.
This funding was led by Matrix Partners India and Nexus Venture Partners. 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 were also parcipated.
The funds will be used to establish the early team, build technology and strengthen presence in the US and UK.
Wootz.work is dedicated to redefining cross-border procurement of light engineering products through a combination of cutting-edge technology and comprehensive process ownership, spanning from initial design to final delivery. Setting itself apart from conventional marketplaces, Wootz.work doesn’t merely facilitate buyer-seller connections; it directly links buyers to tailored products and solutions. By considering key parameters like geography and industry, its technology swiftly tailors products to meet unique buyer needs. Quotations are delivered within 24 hours, compressing a typically lengthy 4-week process.
Over the past three years, the engineering equipment sector valued at $1.7 trillion has undergone remarkable supply chain transformations. Western buyers, in pursuit of value-driven capital expenditure, are increasingly looking at Southeast 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, long pre-sales time inherent in custom products and an overall broken buying experience. Wootz.work, through its cross border platform, aims to bridge this gap.
Founded in March 2023, by Karan Anand and Himanshu Uniyal, the need for a fast, seamless and reliable global procurement platform became apparent as they were setting up factories for their former employer, Zume Inc. Karan and Himanshu cumulatively have 25 years of experience in engineering procurement, project management and international business development. They are alumni of Stanford University and Indian Institute of Technology – Kharagpur (IIT-KGP) respectively.
Karan Anand, Co-Founder & CEO, said, “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. 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.”
Himanshu Uniyal, Co-Founder & COO, said, “Our supply partners, SMEs from India and Southeast Asia, have a proven track record of technical excellence and often outperform economically in segments spanning from material handling to electrical equipment and MRO. At Wootz.work, we harness this technical and economic edge, speeding up the entire procurement journey — from pre-sales to logistics — aiming to match, if not surpass, local market delivery speeds, all while ensuring top-tier after-sales support.”
Sameer Brij Verma, Managing Director, Nexus Venture Partners, said, “Wootz.work promises a transformative approach to cross-border engineering equipment procurement, simplifying and standardizing processes from design to delivery. We at Nexus are thrilled to be part of this pioneering journey with the Wootz team.”
Sudipto Sannigrahi, Principal, Matrix Partners India, said, “We at Matrix are super excited about the manufacturing opportunity in India. 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. Karan and Himanshu bring extensive experience in setting up manufacturing facilities through the course of their respective careers and we are privileged to partner with them in the Wootz 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 optimization. The company will be setting up new offices in the UK and US this year.