SUMMARY
The Series A funding round was led by Sorin Investments, along with participation from existing investors including Accel and Nexus Venture Partners
Venwiz said it will use the fresh capital for product development and team expansion
It runs a manufacturing sector-focused platform that connects large enterprises with MSMEs
Services procurement startup for manufacturers Venwiz has raised $8.3 Mn in a Series A funding round led by Sorin Investments, along with participation from existing investors including Accel and Nexus Venture Partners.
JAFCO Asia, Riverwalk Holdings, Force Ventures, and angel investors like Sanjeev Rangrass, former CEO of ITC’s agri business, Anshuman Sinha, partner at AT Kearney, and Prabhav Kashyap, partner at Bain & Co, also participated in the round.
In a statement, Venwiz said it will use the fresh capital for product development and team expansion.
The Bengaluru-based startup, founded in 2020 by Rajesh Reddy and Sandesh Paturi, runs a manufacturing sector-focused platform that connects large enterprises with MSMEs. It caters to the needs of manufacturing units by connecting them with service providers.
On the demand side, the buyers are large enterprise clients with manufacturing plants having industrial services requirements. It receives demands for a wide array of service requirements such as SPM requirement, ongoing capital expenditure jobs, and greenfield projects. On the supply side are the MSMEs that offer industrial services and have expertise in handling projects in mechanical, civil, automation and turnkey jobs.
“Venwiz was conceived with the vision of streamlining the capex life cycle 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 Reddy, cofounder and CEO of Venwiz.
The latest funding round comes two years after Venwiz raised $3 Mn in a seed funding round led by Accel India and Nexus Venture Partners.
Venwiz also claimed that it is working on various pilots to increase vendor-side offerings and improve experience on the platform.
It said it has contracts with marquee companies like Nestle, TVS, ITC, Tata Coffee, and Kohler Power.
The startup competes with Bengaluru-based TYASuite and Gurugram-based Procol in the Indian market.
