Bengaluru-based B2B SaaS startup Venwiz has raised $8.3 million in a Series A funding round led by Sorin Investments, along with participation from existing investors Accel and Nexus Venture Partners. JAFCO Asia, Riverwalk Holdings and Force Ventures.
Angel investors like Sanjeev Rangrass (ex-CEO of ITC Agri-Business), Anshuman Sinha (Partner, AT Kearney), Prabhav Kashyap (Partner, Bain & Co) and others also participated in the round.
Previously, the startup raised $3 million in seed funding in January 2021 from Accel and Nexus Venture Partners. The funds will be used for product enhancement and team expansion.
Founded by Rajesh Reddy and Sandesh Paturi, Venwiz is a SaaS-enabled marketplace, digitising capex and industrial services procurement, focusing on the manufacturing industry. Buyers on the demand side are large enterprise clients with manufacturing plants, having industrial services requirements.
The demand is for a wide spectrum of service requirements, example: niche SPM requirement, ongoing capex jobs, or even greenfield projects. On the supply side, the companies that offer these industrial services are MSMEs, with specialised scope of projects e.g., mechanical, civil, automation, turnkey jobs. Venwiz has so far onboarded more than 10,000 vendors on its platform across 40+ service categories.
Rajesh Reddy, co-founder and CEO of Venwiz, said, “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.”
“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.