WizCommerce, an innovative platform designed specifically for wholesale distributors and powered by artificial intelligence, has successfully secured $8 million in a Series A funding round led by Peak XV Partners (formerly known as Sequoia India). The round also welcomed contributions from Blume Ventures, Z47, and Alpha Wave.
The startup has indicated that this infusion of capital will be pivotal in bolstering its expansion efforts across the United States, while also accelerating the enhancement of its AI-driven platform devoted to sales, e-commerce, and B2B payments.
Founded by industry veterans Divyaanshu Makkar (formerly with Bessemer Venture Partners and EY-Parthenon) and Vikas Garg (previously at Zomato), WizCommerce aims to revolutionize the antiquated infrastructure of the $10 trillion U.S. wholesale market, which often relies on cumbersome spreadsheets, obsolete portals, and manual order-taking processes.
The platform efficiently unites sales representatives, marketers, and buyers within a single ecosystem, amalgamating AI-driven quoting, intelligent storefronts, ERP integrations, lifestyle image generation, and embedded payment solutions.
According to WizCommerce, over $100 million in Gross Merchandise Volume (GMV) transits through its network on an annual basis, with more than 700 sales reps and over 300,000 buyers leveraging the platform across diverse categories, including home décor, lighting, and general merchandise.
“We’re constructing the foundational technological stack that the wholesale sector has long needed,” remarked Divyaanshu Makkar, CEO and co-founder of WizCommerce. In just a few years, the traditional practices of checking stock via phone calls or emailing product images will be obsolete.
AI will assume responsibility for the mundane tasks—determining what items to sell, how to market them, and managing all administrative duties in between. Thus, sales representatives will close deals more swiftly, and operational teams will function more efficiently, all while offering buyers a seamless, curated purchasing experience.
This is the future, and it is nearer than most anticipate. With this funding, we intend to intensify our focus on AI and deploy an AI workforce for distributors, streamlining both back-office and front-office operations.
Rishen Kapoor, VP at Peak XV, noted, What distinguishes WizCommerce is the consistent acclaim it garners from both sales representatives and buyers. Representatives report that it is their go-to tool, while buyers value the straightforward ordering process.
It is rare to find a platform that simultaneously enhances internal workflows and the customer experience. Given the hundreds of representatives and thousands of buyers already utilizing it, WizCommerce is poised to become integral to the wholesale tech ecosystem.
Kapoor further added, “Wholesale distribution remains predominantly reliant on outdated systems. WizCommerce is adeptly bridging that chasm with an AI-centric solution tailored to the daily demands of the industry. Their initial traction indicates they are positioned to spearhead this transformative shift.”
Sajith Pai, Partner at Blume Ventures, commented, Div, Vikas, and the entire team at WizCommerce have developed a product stack that resonates profoundly with U.S. wholesalers and distributors, as evidenced by their swift revenue growth.
Their dedication to acute customer feedback and a rapid deployment approach leveraging AI tools has empowered them to introduce successful new products like WizAI and WizStudio, addressing vital customer needs.
This new funding will facilitate ongoing advancements in product development and go-to-market strategies, including expansions into adjacent verticals.
WizCommerce is currently in the process of recruiting talent across various domains, including engineering, AI, product management, and go-to-market strategies, with operational hubs in both the U.S. and India.
Source link: Indianstartupnews.com.
