The revenue of Platform-as-a-Service market in India was worth $362 million in 2021, expected to grow at a CAGR of 34 percent by 2026. The market's growth is being fueled by the technological advancements in the procurement function. AI technology is addressing the most pertinent problem facing industrial services marketplaces today- two-way information asymmetry. Clients do not have access to sufficient information, to discover and collaborate with vendors. Vendors (mostly MSMEs) have limited business opportunities due to the lack of exposure to more clients & latest industry trends. There is an industry-wide trend towards transparency via digital marketplaces, where both clients and vendors are available on a single platform. Venwiz is a B2B marketplace that is leading the pack of such startups in the manufacturing space, and driving this trend.
Within the industrial service marketplaces, service procurement is a micro-market with a lot of room for value optimization. Venwiz is addressing this problem by creating a first-of-its-kind B2B marketplace for services procurement and management. The marketplace enables digitization and streamlining of end-to-end service engagements for every factory, be it identifying
appropriate service vendors or collaborating with them and even executing the job more efficiently.
Venwiz’s offerings are pioneering in that sense, and covering the entire service procurement lifecycle-vendor discovery, onboarding, and management, . Its robust network consists of users from 20+ manufacturing companies in India (on the demand side), and over 2300+ qualified industrial service partners covering 40+ service categories across Capex projects, Repairs & Maintenance, Operations, and more (on the supply side). “Our goal is to improve efficiency and collaboration across industries by assisting manufacturers in partnering with efficient and innovative vendors, developing a new-age service ecosystem for new industries to benefit from, and Increasing penetration of digital tools in MSMEs”, conveys Sandesh Paturi, the Co-founder.
Venwiz is also a talent hub, building a team of motivated young leaders, many of them industry experts, having worked in large organisations like ITC, Ola, Adani and more. Team Venwiz focuses on collaborating closely with clients and vendors to constantly build new features on the platform, based on their feedback, and in the process, solving for some industry-first problems. “As an organization, we sincerely strive to build a 'densely- talented' organization (This is a reference from Reed Hasting`s book titled 'No Rules Rules', which is almost a Bible for us). Hence, Venwiz is as good as its employee base. We have built a highly motivated team of talented, young professionals across the domain of operations, tech/engineering, product, and strategy", signifies Rajesh Reddy, the Co-founder & CEO.
Our goal is to improve efficiency and collaboration across industries by assisting manufacturers in partnering with efficient and innovative vendors
Venwiz was founded in 2020 by IIT batchmates, Rajesh and Sandesh with the goal of becoming the leading B2B platform for all industrial services. In July 2021, Venwiz began its pilot learning phase. Along with gaining feedback for its products, Venwiz also worked to enhance its search and job matching capabilities. Venwiz is also building an integrated ecosystem with third party tools like ERP, and others. Since the firm is in a hyper-growth stage, the future roadmap includes generating revenue from the platform, white labeling services, OEM - partnerships, and greenfield projects/new setups.
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