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Industrial services SaaS marketplace Venwiz raises $8.3 M led by Sorin Investments

Press Release  

Bengaluru-based Venwiz, a SaaS-enabled marketplace in the capex and MRO (Maintenance, Repair and Operations) services domains, has raised USD 8.3 million in Series A round of funding led by Sorin Investments with participation from previous investors, Accel India and Nexus Venture Partners. JAFCO Asia, Riverwalk Holdings & Force Ventures have also participated in this round, along with angels such as Sanjeev Rangrass (ex-CEO ITC Agri Business), Anshuman Sinha (Partner, AT Kearney), and Prabhav Kashyap (Partner, Bain & Co). Given that the company had earlier raised USD 3 million, the current round brings the total capital raised to USD 11.3 million. The funds will be used for product enhancement and team expansion. Venwiz digitizes 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. On the supply side, MSMEs (micro, small and medium enterprises) offer these industrial services. Venwiz claims to have on boarded more than 10,000 vendors on its platform across 40+ service categories, across India. The company, founded by Rajesh Reddy and Sandesh Paturi, counts Nestle, TVS, ITC, Tata Coffee, and Kohler Power as clients.