Venwiz Raises $8.3 Million In Series A Funding Round
Venwiz, a Bengaluru-based business-to-business (B2B) software-as-a-service (SaaS) platform, has raised $8.3 million (Rs 68.8 crore) in a Series A funding round, led by Sanjay Nayar’s early-stage tech-focused venture capital company, Sorin Investments.
Existing investors Accel and Nexus Venture Partners, along with new investors Jafco Asia, Riverwalk Holdings, Force Ventures and angel investors like Sanjeev Rangrass (ITC agribusiness), Anshuman Sinha (AT Kearney), Prabhav Kashyap (Bain), amongst others, also participated in the funding round.
As per the startup, the raised funds will be used towards hiring along with product development and expansion of its client base.
Venwiz | Marketplace For CapEx And Industrial Services Procurement
Founded by Sandesh Paturi and Rajesh Reddy in 2020, Venwiz is a SaaS-enabled B2B industrial services marketplace, digitising capex and industrial services procurement, aligned towards the manufacturing industry.
Operated by Venwiz Technologies Pvt. Ltd, Venwiz claims to have onboarded 10,000 vendors on its platform across 40 service categories. The Bengaluru-based B2B startup counts companies like Nestle, TVS, ITC, Tata Coffee and Kohler Power as part of its client portfolio.
Speaking about the development, Sandesh Paturi, co-founder and chief business officer of Venwiz, said,
“With this round of funding, we aim to onboard more talent, mostly in tech and business operation roles. We are also working towards broadening our client base and are in advanced talks with several enterprise companies.”
In 2021, Venwiz raised $3 million in a seed funding round led by Accel India and Nexus Venture Partners and has cumulatively raised $11.3 million so far.
Commenting on the development, Mandar Dandekar, partner, Sorin Investments,
“Venwiz is addressing a white space in the manufacturing segment of different industries – procurement of industrial services for capex and maintenance, repair and operations (MRO) needs. The adoption of the Venwiz platform from enterprise clients and vendors demonstrates the need for such a solution.”
As per data from startup intelligence platform Tracxn, the SaaS segment emerged as one of the top-funded sectors in 2022. Further, homegrown SaaS firms are poised to touch an annual revenue run rate (ARR) of $35 billion by 2027, as per a report by private equity giant Bain.
Recently, software-as-a-service (SaaS) startup Hatica raised seed funding of $3.7 million (Rs 30.56 crore) led by Sequoia Capital India’s accelerator programme Surge.
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