Venwiz, a digital platform enabling services procurement in the manufacturing industry, has raised $8.3 million in an early-stage funding round dubbed Series A, led by Sorin Investments.
This follows a $3 million seed funding previously raised in December 202o, when it was to launch its pilot in Bengaluru and Hyderabad, bringing the total capital raised to $11.3 million.
Accel, Nexus Venture Partners, JAFCO Asia, Riverwalk Holdings, Force Ventures along with angel investors like Sanjeev Rangrass (ex-CEO ITC Agri Business), Anshuman Sinha (Partner, AT Kearney), Prabhav Kashyap (Partner, Bain & Co) also participated in the funding round.
The funds will be used for product enhancement and team expansion, Venwiz said in a statement.
Founded in 2020 by Reddy and Sandesh Paturi, Venwiz is a SaaS platform that offers end-to-end digital solutions to clients in the manufacturing industry to ensure a seamless procurement service for both CapEx and MRO requirements.
With active client engagement across India, Venwiz has over 40 service categories and has onboarded more than 10,000 vendors on its platform. The company has contracts with companies such as Nestle, TVS, Bridgestone, Tata, ITC and Kohler Power.