Industrial services platform Venwiz raises $8.3 million in funding led by Sorin Investments

• ByStartupStory     |    February 15, 2023

Venwiz, an industrial services platform based in Bengaluru, has secured $8.3 million in a Series A funding round led by Sorin Investments, with previous investors Accel and Nexus Venture Partners also participating. The funding round also saw the involvement of JAFCO Asia, Riverwalk Holdings, and Force Ventures, as well as notable angels such as Sanjeev Rangrass who is former CEO of ITC Agri Business, Anshuman Sinha who is Partner at AT Kearney, and Prabhav Kashyap Partner at Bain & Co. 

Venwiz, an industrial services platform based in Bengaluru, plans to use the $8.3 million raised in its recent Series A funding round for product development and team expansion. The company had previously raised $3 million in seed funding, bringing its total capital raised to $11.3 million.

According to Rajesh Reddy, Co-founder and CEO of Venwiz, the platform aims to simplify the capex lifecycle of manufacturing companies through end-to-end streamlining of vendor discovery, service procurement, and job execution. Although it is a complex problem to solve, Venwiz believes that the time and cost savings for its clients are significant. 

Venwiz, founded in 2020 by Rajesh Reddy and Sandesh Paturi, is a SaaS-enabled marketplace focused on digitizing capex and industrial services procurement for the manufacturing industry. With more than 10,000 vendors across over 40 service categories in India, Venwiz has secured contracts with major companies such as Nestle, TVS, ITC, Tata Coffee, and Kohler Power. Following the recent funding round, the company plans to deepen its client engagements.

 Mandar Dandekar, Partner at Sorin Investments, highlighted Venwiz’s potential to address a significant gap in the manufacturing industry’s procurement of industrial services for capex and MRO needs.

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