The industrial services platform Venwiz, which is based in Bengaluru, has secured $8.3 million in a Series A round that was co-led by Sorin Investments and included prior backers Accel and Nexus Venture Partners. Participants in the round included JAFCO Asia, Riverwalk Holdings, Force Ventures, and angel investors Prabhav Kashyap (Partner, Bain & Co.), Anshuman Sinha (Partner, AT Kearney), and Sanjeev Rangrass (Ex-CEO, ITC Agri Business).

The money will be used by the business to improve its products and grow its team. The total amount raised by Venwiz now stands at $11.3 million after having previously collected $3 million in startup finance. According to Rajesh Reddy, co-founder and CEO of Venwiz, "Venwiz was established with the idea of optimising the capex lifecycle of a manufacturing company, in an end to end manner, be it vendor discovery, service procurement, or project execution." Although the problem statement is difficult to solve, our clients stand to gain greatly in terms of time and money savings.

Venwiz is a SaaS-enabled marketplace that digitises capex and industrial services procurement with a focus on the manufacturing sector. It was founded in 2020 by Rajesh Reddy and Sandesh Paturi. Over 10,000 suppliers from more than 40 service categories in India have already signed up with Venwiz for its platform. The business has agreements with organisations including Tata Coffee, Nestle, TVS, ITC, and Kohler Power. After this round of funding, it intends to strengthen its client relationships.

Venwiz is filling a sizable need in the manufacturing sector of various sectors by facilitating the purchase of industrial services for capex and MRO (maintenance, repair, and overhaul) requirements "says Sorin Investments partner Mandar Dandekar.

"We are thrilled to support the Venwiz team in its efforts to use their SaaS-enabled marketplace platform to make enterprise-grade capex and industrial services procurement radically transparent and efficient, "said Nexus Venture Partners' Sameer Brij Verma.