Software-as-a-services company Venwiz on Wednesday said it has raised USD 8.3 million (about Rs 69 crore) in a funding round led by Sorin Investments.
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 company has earlier raised USD 3 million in seed funding, bringing the total capital raised to USD 11.3 million. The funds will be used for product enhancement and team expansion,” Venwiz said in a statement.
Venwiz is a SaaS-enabled marketplace in the capex and MRO (Maintenance, Repair and Operations) services domain. It specialises in digitising capex and industrial services procurement with focus on the manufacturing industry. “Venwiz is addressing a huge white space in the manufacturing segment of different industries – procurement of industrial services for capex and MRO needs. The strong adoption of the Venwiz platform from enterprise clients and vendors demonstrates the need for such a solution,” Sorin Investments, Partner, Mandar Dandekar, said.
Nexus Venture Partner, Managing Director, Sameer Brij Verma said Venwiz has displayed growth and the potential to address the white space in capex procurement which is evident from the backing of the investors from its seed-stage funding. “We are excited to continue to strongly back the Venwiz team on their mission to make enterprise-grade capex and industrial services procurement radically transparent and efficient via their SaaS-enabled marketplace platform,” he said.
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