Synopsis 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 founders Sandesh Paturi and Rajesh Reddy Venwiz , a digital platform enabling services procurement in the manufacturing industry, on Wednesday said it has raised $8. 3 million in an early-stage funding round dubbed Series A, led by Sorin Investments. 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. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Venwiz’s platform acts as a software-as-a-service (SaaS) marketplace, digitising capex and industrial services procurement requirements in the manufacturing industry. Buyers on the demand side are large enterprise clients with manufacturing plants, having industrial services requirements such as ongoing capex jobs, special purpose machine requirements, or even greenfield projects. On the supply side, the companies that offer these industrial services are micro, small and medium enterprises with projects in mechanical, civil, automation and turnkey jobs. Venwiz claims to have boarded more than 10,000 vendors on its platform across over 40 service categories so far. The company has contracts with companies such as Nestle , TVS , ITC, Tata Coffee and Kohler Power. Venwiz was founded in 2020 by Reddy and Sandesh Paturi, who met at ITC and have spent a large part of their careers running operations and projects. The core team has deep professional experience in the manufacturing, project management, SaaS and consulting domains, the statement added. “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. The manufacturing sector of India has the potential to reach $1 trillion by 2025, even as the Indian industrial B2B services sector is highly unorganised, said Barath Shankar Subramanian, partner at Accel, citing industry projections. Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! Wednesday, 15 Feb, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Companies Economy More Aditya Birla Group in Talks with Global Banks for Vi Equity Infusion Aditya Birla Group has initiated an exercise to raise funds at the promoter level for an equity infusion into Vodafone Idea (Vi) Ltd and is in discussions with global banks for raising term debt to subscribe to a preferential allotment of shares. TVS EV Co may Get $350m from ADIA, Goldman, Carlyle Abu Dhabi Investment Authority (ADIA), Goldman Sachs and Carlyle are in active discussions with TVS Motor Co to invest $300-350 million in its electric vehicle (EV) arm at a potential $3-3. 5 billion valuation, said people with knowledge of the matter. Adani Looks to Repay $500 m Bridge Loan The Adani Group is in talks with lenders to repay the $500 million bridge loan facility it had availed of to purchase a controlling stake in Holcim’s cement units last year, said two people with knowledge of the matter. Read More News on Venwiz funding Venwiz accel SaaS marketplace nexus venture partners early stage funding Sanjay Nayar tata coffee nestle accel Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox. . . . more less ETPrime stories of the day Real Estate Interest rates are rising, so are rental yields. Is it the right time to invest in property? 8 mins read 3 insights to kick-start your day, featuring Swiggy’s “poor judgement” 3 mins read Strategy Stock Radar: Technical charts suggest HDFC Bank is likely to hit fresh record highs in next 3-6 months; time to buy? 3 mins read Subscribe to ETPrime.