Wootzwork, a startup operating in stealth mode, is receiving funding from Matrix Partners India, according to sources with knowledge of the development. This was the first financing for the Delhi-based business.
“The terms of the deal are in the last leg of negotiation and Matrix is likely to put in $2-5 million in Wootzwork,” said one of the sources requesting anonymity. “The firm is building a sourcing platform for custom engineering equipment and solutions.”
Himanshu Uniyal and Karan Anand founded the unlaunched startup earlier this year. Anand was the director of business development and strategy at the California-based company Zume Inc., while Uniyal held the position of senior manager. Anand also collaborated with Invest India.
According to sources, the company’s products will serve markets worldwide, including those in America.
“Some angel investors are also slated to join the round which will value Wootzwork in the range of $25 million,” said the person quoted above.
It was impossible to obtain additional information regarding its product and extensive offerings. Friday emails sent to the co-founders of Wootzwork and Matrix went unanswered.
In June of last year, Matrix announced its India-focused fund, and in May of this year, it reached its final close of $550 million. According to sources, this investment will be made using the new fund. From its most recent fund, Matrix has already supported a number of startups, including Freakins, Scapia, Genwise, Saveo, Murf AI, XimKart, and ZippMat.
Stable Money, a fintech startup, raised $4.5 million in its Series A round, which was co-led by Matrix Partners, in February. The VC company also provided funding to GenWise, a startup founded by former BharatPe executives.
