Samreen Ahmad · · 1 min readAccel backs $8.3m round of industrial B2B marketplace
Venwiz co-founders Sandesh Paturi (left) and Rajesh Reddy/ Photo credit: Venwiz
Venwiz, an India-based SaaS marketplace that digitalizes capex and industrial services procurement, has secured US$8.3 million in a series A funding round led by Sorin Investments. Previous investors Accel and Nexus Venture Partners also participated in the raise.
Founded by Rajesh Reddy and Sandesh Paturi in 2020, Venwiz caters to large enterprise firms with manufacturing plants. It also connects these clients to MSMEs focused on mechanical, civil, automation, and turnkey jobs.
The company has onboarded more than 10,000 vendors on its platform. It counts companies such as Nestle, ITC, and Tata Coffee as among its clients.
Venwiz will use the funds to enhance its products and expand its team.
“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.
India’s manufacturing sector has the potential to reach US$1 trillion by 2025.
See also: The profitable F&B SaaS firm that got Ant’s attention
Editing by Lorenzo Kyle Subido
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