India’s Zetwerk valued at $1.33 billion in new funding

An Indian startup that operates a business-to-business marketplace for manufacturing items is the latest to attain the coveted unicorn status in the South Asian market.

Bangalore-based Zetwerk said on Monday it has raised $150 million in a Series E financing round led by New York based D1 Capital Partners. New investors Avenir and IIFL also participated in the round, along with existing investors Greenoaks Capital, Lightspeed Venture Partners, Sequoia Capital and Accel Partners.

The new investment values Zetwerk at $1.33 billion, twice of $600 million-$700 million it was valued at in its Series D round in February this year. The round also included several high-profile angel investors including Kunal Shah of CRED and Ritesh Aggarwal of OYO.

The four-year-old startup runs a business-to-business marketplace for manufacturing items that connects OEMs (original equipment manufacturers) and EPC (engineering procurement construction) customers with manufacturing small-businesses and enterprises.

All the products it sells today are custom-made. “Nobody has a stock of such inventories. You get the order, you find manufacturers and workshops that make them,” explained Amrit Acharya, co-founder and chief executive of Zetwerk, in an interview with TechCrunch earlier this year.

The startup said its revenue grew approximately three times in 2020-21, but didn’t disclose figures.

“In a short period of time, we believe Zetwerk has become a leader in delivering fast and cost-effective manufacturing solutions to companies globally and accelerating the pace of digital transformation of a very traditional industry,” said Jeremy Goldstein of D1 Capital Partners.

The startup plans to deploy the fresh capital to broaden its technology stack and expand to more international markets.

“Zetwerk is helping enterprises navigate the shift to digital manufacturing amidst rapidly changing global supply chains,” said Amrit Acharya, CEO of Zetwerk. “Over the last year, more than 100 western companies have moved their supply chains to India via Zetwerk, across industrial and consumer products.”

Zetwerk is the 25th Indian startup to become a unicorn this year, up from 11 last year, as high-profile global investors double down on their bets in India.

Credit belongs to : www.techcrunch.com

You May Also Like

Top highlights from Xpeng’s 2021 Tech Day

Chinese smart electric vehicle startup Xpeng has announced a series of innovations that direct the company towards crafting the mobility ecosystem of the future.  “Our exploration of more efficient, safer, carbon-neutral mobility solutions goes far beyond just smart EVs, and is the cornerstone of our long-term competitive advantages,” said He Xiaopeng, chairman and CEO of […]

The return of text is inevitable

Welcome to Startups Weekly, a fresh human-first take on this week’s startup news and trends. To get this in your inbox, subscribe here. On Equity this week, we discussed the value of the written word. You can imagine that the resulting argument is inherently biased, considering we are three journalists who have bet our livelihoods […]
error: Content is protected !!