Venwiz, a digital platform enabling services procurement in the manufacturing industry, said it has raised $8.3 million in an early-stage funding round dubbed Series A, led by Sorin Investments, according to ETtech report.
Sorin Investments is founded by Sanjay Nayar, former KKR India head.
Other investors in the funding round included two returning investors Accel and Nexus Venture Partners, as well as JAFCO Asia, Riverwalk Holdings, Force Ventures, former ITC agri-business CEO Sanjiv Rangrass, AT Kearney partner Anshuman Sinha, and Bain & Co partner Prabhav Kashyap among other angel investors.
“Venwiz was conceived with the vision of streamlining the capex life cycle of a manufacturing company, in an end to end manner, be it vendor discovery, service procurement or job execution,” said Rajesh Reddy, co-founder and CEO of Venwiz. “It is a complex problem statement to solve, but the gains to our clients in terms of time and cost savings are immense.”
The Bengaluru-based company plans to use the new funds for product development and team expansion, as per the statement, which added that it is also working on pilots to enhance the vendor-side offerings and enhance client platform experience.
Venwiz had previously raised $3 million in seed funding in January 2021, when it was to launch its pilot in Bengaluru and Hyderabad. Currently, it has scaled pan-India.
“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.
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