WizCommerce Secures $8 Million to Revolutionize Wholesale Trade
Funding Led by Peak XV Partners
WizCommerce, an innovative sales and ecommerce platform focused on artificial intelligence (AI) for wholesale distributors, has announced a successful fundraising round totaling $8 million. This funding is led by Peak XV Partners, with contributions from Blume Ventures, Z47, and Alpha Wave.
Vision for Growth and Development
Founded by Divyaanshu Makkar and Vikas Garg, the startup plans to leverage this new capital to expand its operations in the United States. Additionally, WizCommerce aims to enhance its technology to optimize sales, commerce, and payment processes for wholesale businesses.
The Challenge in the Wholesale Market
The $10-trillion wholesale market in the US continues to grapple with outdated practices, relying heavily on spreadsheets and manual processes. This is where WizCommerce steps in, providing an integrated solution that combines quoting, storefronts, enterprise resource planning (ERP) systems, and payment capabilities.
Streamlining Sales Processes
WizCommerce assists distributors in managing their sales and automating administrative tasks, which is essential in a rapidly evolving digital marketplace.
Current Performance Metrics
As of now, WizCommerce handles an impressive $200 million in annualized gross merchandise value (GMV) through its platform, according to Makkar’s insights shared with ET.
Plans for Expansion
The company intends to “double down” on its team, increasing the sales and marketing headcount significantly. Strengthening the go-to-market strategy will also be a priority moving forward.
Introducing AI Employees
WizCommerce has exciting plans to launch ‘AI employees’ tailored for wholesalers. Makkar describes these as autonomous agents that will assist in various aspects of the wholesale value chain, enhancing efficiency and productivity.
AI-Powered Sales Application
One of the standout offerings of WizCommerce is its AI-powered sales application designed specifically for sales representatives in the wholesale sector. This innovative tool allows representatives to check real-time stock, curate offerings for customers, and develop tailored proposals.
Facilitating Online Business Operations
In addition to aiding wholesalers, WizCommerce also assists manufacturers in transitioning their businesses online. This enables their retail customers to place orders autonomously, streamlining the purchasing process.
Improving Workflow and Customer Experience
As Rishen Kapoor from Peak XV Partners pointed out, “Reps tell us it’s the tool they open first, and buyers appreciate the simpler ordering process.” This dual focus on enhancing internal workflows and improving customer experience sets WizCommerce apart in the market.
Expanding Team and Opportunities
WizCommerce is actively hiring for various roles across its engineering, AI, product, and go-to-market functions in both its US and India hubs, signaling its rapid growth and expansion strategy.
Conclusion
With its recent funding and ambitious plans for the future, WizCommerce is set to transform the wholesale landscape, making it more efficient and technologically advanced. Through innovative solutions and a dedicated team, the company is positioned as a major player in revolutionizing how wholesale businesses operate.
Frequently Asked Questions
1. Who is leading the funding round for WizCommerce?
The funding round is led by Peak XV Partners, with participation from Blume Ventures, Z47, and Alpha Wave.
2. What is the primary focus of WizCommerce?
WizCommerce focuses on using AI to streamline sales and ecommerce processes for wholesale distributors.
3. How much annualized gross merchandise value (GMV) does WizCommerce currently handle?
The platform currently handles $200 million in annualized GMV.
4. What innovative products does WizCommerce plan to introduce?
WizCommerce plans to introduce ‘AI employees’ that will function as autonomous agents in the wholesale value chain.
5. What roles is WizCommerce hiring for?
WizCommerce is hiring for positions in engineering, AI, product, and go-to-market functions in both the US and India.
