Venwiz, an Indian SaaS marketplace that digitises the purchase of capital goods and industrial services, has raised $8.3 million in a series A fundraising round that was overseen by Sorin Investments. Accel and Nexus Venture Partners, previous investors, took part in the financing as well.
Rajesh Reddy and Sandesh Paturi founded Venwiz in 2020 to serve major corporate businesses with manufacturing facilities. Additionally, it links these clients with MSMEs that specialise in turnkey, mechanical, civil, and automation projects.
More than 10,000 merchants have been added to the company’s platform. Its clientele includes businesses like Tata Coffee, Nestle, and ITC.
The money will be used by Venwiz to improve its offerings and grow its workforce.
“Companies need quick access to dependable and cost-effective service providers to ensure business continuity and good operating margins. Venwiz’s new-age platform and strong founding team are a formidable mix that can revolutionize this game,” said Barath Shankar Subramanian, partner at Accel.
By 2025, India’s manufacturing industry might be worth $1 trillion USD.
