VenWiz Raises $3 Mn In Seed Funding Round From Accel India And Nexus Venture Partners
The funds will be used for talent acquisition, strengthening technology, and business expansion
Bengaluru-based industrial business-to-business (B2B) services platform VenWiz on Wednesday announced to have raised $3 million in a seed funding round led by Accel India and Nexus Venture Partners with participation from other investors including Titan Capital, Anand Chandrasekaran, and Rajendra S. Meht.
The platform has been said to transform the discovery, procurement, and execution of industrial B2B services.
The funds will be used for talent acquisition, strengthening technology, and business expansion.
“Service vendors play a strategic role in the success of a manufacturing unit for driving scale of production or efficiency. Yet their journeys, in combination with shop-floor managers, have not changed for long and remained digitally underserved. We want to empower them with the right tools to collaborate efficiently with digital-first solutions,” shared Rajesh Reddy, co-founder, and chief executive officer, VenWiz.
Launched in 2020 by Rajesh Reddy and Sandesh Paturi, with the goal of organizing service engagements in manufacturing and allied industries the platform maintains that every manufacturing unit relies on engineering services providers for their requirements across operations, maintenance, and projects.
“As India prepares to become a $1 trillion manufacturing economy by 2025, having fast access to reliable and cost-effective service providers will become a key factor for companies in ensuring business continuity and healthy operating margins. Industrial services in India are very fragmented and unorganized with a broken customer experience. At Accel, we believe that the VenWiz team is well suited to solve this problem and we are excited to partner with them at this early stage,” stated Barath Shankar Subramanian, Partner, Accel India.
Currently, these engagements are done largely through age-old systems - offline channels and incoherent networks/interfaces - leading to inefficiencies and lost opportunities. Shop-floor managers and procurement managers do not have enough information to discover and collaborate with the right service providers at their factories. On the other hand, service providers who are largely micro, small, and medium enterprises (MSMEs) do not have access to the right jobs and are disconnected from the opportunities that exist in the industry, said a statement released.
“We at Nexus are thrilled to partner with the VenWiz team to support their vision on transforming the discovery, procurement, and execution of industrial B2B services at scale using their technology platform. We believe the Indian industrial B2B services market is a very large but highly un-organized market waiting to be disrupted. Venwiz's new-age platform and strong founding team are a powerful combination and can potentially be a game-changer,” added Sameer Brij Verma, managing director, Nexus Venture Partners.
The proprietary platform aims to bridge this gap by organizing end-to-end service engagements for every factory from discovering the right service providers to collaborating with them and executing the job.
Manufacturing and allied industries form a greater part of India’s gross domestic product (GDP) breaching the trillion-dollar mark and growing at record speeds. Services form a significant 10-20 per cent portion of the value.