Venwiz, a Bengaluru, India-based industrial services platform, raised $8.3 million in Series A funding for product enhancement and team expansion, bringing the total capital raised to $11.3 million.
The round was led by Sorin Investments, with participation from Accel and Nexus Venture Partners, JAFCO Asia, Riverwalk Holdings, and Force Ventures.
Angel investors Sanjeev Rangrass (ex-CEO, ITC Agri-Business), Anshuman Sinha (Partner, AT Kearney), and Prabhav Kashyap (Partner, Bain & Co) also participated in the round.
Venwiz is a SaaS-enabled marketplace that digitizes capex and industrial services procurement, focusing on the manufacturing industry.
“Venwiz was conceived with the vision of streamlining the capex lifecycle of a manufacturing company at an end to end manner, be it vendor discovery, service procurement, or job execution," said Rajesh Reddy, co-founder, and CEO of Venwiz. "It is a complex problem statement to solve, but the gains to our clients in terms of time and cost savings are immense."
The company has contracts with companies such as Nestle, TVS, ITC, Tata Coffee, and Kohler Power. It plans to deepen its client engagements after this round of funding. Venwiz has onboarded more than 10,000 vendors on its platform, across over 40 service categories in India.
Company: Venwiz Technologies Private Limited
Round: Series A
Funding Month: February 2023
Lead Investors: Sorin Investments
Additional Investors: Accel and Nexus Venture Partners, JAFCO Asia, Riverwalk Holdings, Force Ventures, Sanjeev Rangrass, Anshuman Sinha, and Prabhav Kashyap
Company Website: https://www.venwiz.com/
Software Category: B2B Industrial Services platform
About the Company: Founded in 2020 by Rajesh Reddy and Sandesh Paturi, Venwiz is a digital platform enabling services procurement in the manufacturing industry, for both CapEx and MRO requirements. Venwiz offers end-to-end digital solutions to ensure a seamless procurement experience for its manufacturing clients. The company's platform connects manufacturers with pre-screened service vendors for collaboration and hosts curated, pre-vetted profiles of qualified service vendors, enabling manufacturers to discover the right service vendors, collaborate with them, and execute jobs more efficiently. Venwiz has active client engagements across India with some marquee manufacturing companies.