[Funding alert] Industrial B2B services platform VenWiz raises $3M from Accel and Nexus Venture Partners
The funds will be used by the Bengaluru-based company for talent acquisition, strengthening technology, and business expansion.
Wednesday January 27, 2021,
2 min Read
Bengaluru-based industrial services platform VenWiz on Wednesday announced that it has raised $3 million in a seed funding led by Accel India and.
The round also saw participation from other investors including, Anand Chandrasekaran (Five9) and Rajendra S Mehta (ex-Reliance).
The funds will be used by the company 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,” said Rajesh Reddy, Co-founder and CEO, VenWiz.
Founded in 2020 by Rajesh Reddy and Sandesh Paturi, VenWiz is a platform transforming discovery, procurement and execution of industrial B2B services.
According to the company, every manufacturing unit relies on engineering services providers for their requirements across operations, maintenance and projects. Currently, these engagements are done largely through age-old systems - offline channels and incoherent networks/interfaces - leading to inefficiencies and lost opportunities, the firm said.
VenWiz claims that its proprietary platform aims to bridge this gap by organising end-to-end service engagements for every factory, from discovering right service providers to collaborating with them and executing the job.
“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 unorganised 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,” added Barath Shankar Subramanian, Partner, Accel.
Sameer Brij Verma, Managing Director, Nexus Venture Partners, stated that, “We believe the Indian industrial B2B services market is a very large but highly unorganised 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.”
Edited by Anju Narayanan