Ending Soon! Save 33% on All Access

Industrial Services SaaS Marketplace Venwiz Raises $8.3 Million In Series A Funding The fund raised will be used for product enhancement and team expansion

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company handout

Industrial services SaaS marketplace Venwiz has raised $8.3 million in Series A funding round led by Sorin Investments with participation from previous investors, Accel & Nexus Venture Partners. JAFCO Asia, Riverwalk Holdings and Force Ventures have also participated in this round, with angels like Sanjeev Rangrass (ex-CEO ITC Agri Business), Anshuman Sinha (partner, AT Kearney), Prabhav Kashyap (partner, Bain & Co) and others. The company has earlier raised $3 million in Seed funding, bringing the total capital raised to $11.3 million. The fund raised will be used for product enhancement and team expansion.

"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," said Rajesh Reddy, co-founder and CEO of Venwiz.

Venwiz has so far onboarded more than 10,000 vendors on its platform across more 40 service categories, servicing the whole of India.. The company has contracts with marquee companies like Nestle, TVS, ITC, Tata Coffee, Kohler Power and many others, and plans to deepen the client engagements after this round of funding. The company is also working on many pilots from a long-term perspective to enhance the vendor-side offerings and enhance client platform experience, claimed by the company in a statement.

"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.

Founded by Rajesh Reddy and Sandesh Paturi, Venwiz is a SaaS-enabled marketplace, digitising capex and industrial services procurement, focusing on the manufacturing industry.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business News

TikTok Reportedly Laid Off a 'Large Percentage' of Employees as the App's Fate in the U.S. Remains Unclear

Laid-off TikTok employees were notified Wednesday night through Thursday morning.

Business News

Four Seasons Orlando Responds to Viral TikTok: 'There's Something Here For All Ages'

The video has amassed over 45.4 million views on TikTok.

Leadership

How to Break Free From the Cycle of Overthinking and Master Your Mind

Discover the true cost of negative thought loops — and practical strategies for nipping rumination in the bud.

Side Hustle

These Brothers Had 'No Income' When They Started a 'Low-Risk, High-Reward' Side Hustle to Chase a Big Dream — Now They've Surpassed $50 Million in Revenue

Sam Lewkowict, co-founder and CEO of men's grooming brand Black Wolf Nation, knows what it takes to harness the power of side gig for success.

Business News

More People Are Exploring Entrepreneurship Because of This Unexpected Reason

More new business applications were filed in 2023 than in any other year so far.