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Industrial service platform VenWiz has raised $3 million in series seed round funding.
The round was led by Accel India, and Nexus Venture Partners in partnership with other investors including Titan Capital, Anand Chandrasekaran(Five9), Rajendra S Meht(ex-Reliance).
“The funds will be used for talent acquisition, strengthening technology and business expansion,” VenWiz in its statement said.
Speaking on the investment in VenWiz, Barath Shankar Subramanian, Partner, Accel, said, “As India prepares to become a $1Tn manufacturing economy by 2025, having fast access to reliable and cost-effective service providers will become a key factor for companies in ensuring business continuity and healthy operating margins.”
“Industrial services in India are very fragmented and unorganized with a broken customer experience. At Accel, we believe that the VenWiz team is well suited to solve this problem and we are excited to partner with them at this early stage,” Barath added.
Commenting on the statement, Sameer Brij Verma, Managing Director, Nexus Venture Partners said, ” We at Nexus are thrilled to partner with the VenWiz team to support their vision on transforming the discovery, procurement, and execution of industrial B2B services at scale using their technology platform. We believe the Indian industrial B2B services market is a very large but highly un-organized market waiting to be disrupted. Venwiz’s new-age platform and strong founding team are a powerful combination and can potentially be a game-changer.”
Further adding to the statement on Fundraise, Rajesh Reddy, Co-founder & CEO, VenWiz, “Service vendors play a strategic role in the success of a manufacturing unit for driving scale of production or efficiency. Yet their journeys, in combination with shop-floor managers, have not changed for long and remained digitally underserved. We want to empower them with the right tools to collaborate efficiently with digital-first solutions.”