Industrial Services SaaS Marketplace Venwiz Raises $8.3 Million In Series A Funding The fund raised will be used for product enhancement and team expansion
By Teena Jose
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Industrial services SaaS marketplace Venwiz has raised $8.3 million in Series A funding round led by Sorin Investments with participation from previous investors, Accel & Nexus Venture Partners. JAFCO Asia, Riverwalk Holdings and Force Ventures have also participated in this round, with angels like Sanjeev Rangrass (ex-CEO ITC Agri Business), Anshuman Sinha (partner, AT Kearney), Prabhav Kashyap (partner, Bain & Co) and others. The company has earlier raised $3 million in Seed funding, bringing the total capital raised to $11.3 million. The fund raised will be used for product enhancement and team expansion.
"Venwiz was conceived with the vision of streamlining the capex lifecycle of a manufacturing company, in an end to end manner- be it vendor discovery, service procurement or job execution. It is a complex problem statement to solve, but the gains to our clients in terms of time & cost savings are immense," said Rajesh Reddy, co-founder and CEO of Venwiz.
Venwiz has so far onboarded more than 10,000 vendors on its platform across more 40 service categories, servicing the whole of India.. The company has contracts with marquee companies like Nestle, TVS, ITC, Tata Coffee, Kohler Power and many others, and plans to deepen the client engagements after this round of funding. The company is also working on many pilots from a long-term perspective to enhance the vendor-side offerings and enhance client platform experience, claimed by the company in a statement.
"Venwiz is addressing a huge white space in the manufacturing segment of different industries - procurement of industrial services for capex and MRO needs. On the back of their own professional experience, the founding team understands the pain points very well and have the insights to solve the problem through tech in an end to end fashion.The strong adoption of the Venwiz platform from enterprise clients and vendors demonstrates the need for such a solution," said Mandar Dandekar, partner at Sorin Investments.
Founded by Rajesh Reddy and Sandesh Paturi, Venwiz is a SaaS-enabled marketplace, digitising capex and industrial services procurement, focusing on the manufacturing industry.
