Exclusive: Matrix to invest in stealth mode startup Wootzwork

Matrix Partners India is leading a funding round for stealth mode startup Wootzwork, sources aware of the development told Entrackr. This is the maiden financing for the Delhi-based company.

“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.”

The yet-to-be-launched startup was founded by Himanshu Uniyal and Karan Anand earlier this year. While Uniyal served as a senior manager at manufacturing technology company Zume Inc, Anand was the director of business development and strategy at the California-based firm and also worked with Invest India.

As per sources, the firm’s products will cater to Indian and global markets including American markets. “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.

Further details on its product and comprehensive offerings couldn’t be ascertained. Queries sent to Wootzwork’s co-founders and Matrix on Friday remain unanswered.

Matrix announced its India-dedicated fund in June last year and made a final close at $550 million in May this year. This investment will be made through the new fund, according to sources. From its latest fund, Matrix has already backed Freakins, Scapia, Genwise, Saveo, Murf AI, XimKart, ZippMat, among others.

In February, fintech startup Stable Money raised $4.5 million in its Series A round co-led by Matrix Partners. GenWise, a startup founded by former executives of digital payment platform BharatPe, also raised funds from the VC firm. Entrackr exclusively reported both developments. Notably, Scapia and Genwise also scooped up their funding round while being in stealth mode.