Nexus-backed industrial services platform Venwiz raises $8.3M in Series A round
The round was led by Sorin Investments, with participation from previous investors Accel and Nexus Venture Partners.
Bengaluru-based industrial services platform has raised $8.3 million in a Series A round led by Sorin Investments, with participation from previous investors Accel and Nexus Venture Partners.
JAFCO Asia, Riverwalk Holdings, Force Ventures, and angels Sanjeev Rangrass (ex-CEO, ITC Agri Business), Anshuman Sinha (Partner, AT Kearney), and Prabhav Kashyap (Partner, Bain & Co) too participated in the round.
The company plans to use the funds for product enhancement and team expansion.
Venwiz had earlier raised $3 million in seed funding, thus bringing the total capital raised to $11.3 million.
“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," 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."
Founded in 2020 by Rajesh Reddy and Sandesh Paturi, Venwiz is a SaaS-enabled marketplace, digitising capex and industrial services procurement, focusing on the manufacturing industry. Venwiz has so far onboarded more than 10,000 vendors on its platform, across over 40 service categories in India.
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 is addressing a huge white space in the manufacturing segment of different industries -procurement of industrial services for capex and MRO (maintenance, repair and overhaul) needs," said Mandar Dandekar, Partner at Sorin Investments.
“We are excited to continue to strongly back the Venwiz team on their mission to make enterprise-grade capex and industrial services procurement radically transparent and efficient via their SaaS enabled marketplace platform," said Sameer Brij Verma of Nexus Venture Partners.
Edited by Swetha Kannan