Indian Zetwerk valued at $ 1.33 billion in new funding – TechCrunch
An Indian startup that taps a business-to-business market for items manufacturing is the latest to achieve coveted unicorn status in the South Asian market.
Bangalore-based Zetwerk said on Monday it had raised $ 150 million in a Series E funding round led by New York-based D1 Capital Partners. New investors Avenir and IIFL also participated in the round table, as well as existing investors Greenoaks Capital, Lightspeed Venture Partners, Sequoia Capital and Accel Partners.
The new investment values Zetwerk at $ 1.33 billion, twice the $ 600-700 million it was valued in its Series D cycle in February of this year. The round also featured several prominent angel investors, including Kunal Shah of CRED and Ritesh Aggarwal of OYO.
The four-year-old start-up runs a business-to-business marketplace for item manufacturing that connects OEMs (original equipment manufacturers) and EPC (engineering supply construction) customers with small businesses and manufacturing companies .
All of the products she sells today are custom made. “No one has a stock of such inventories. You get the order, you find the manufacturers and the workshops that make them, ”said Amrit Acharya, co-founder and CEO of Zetwerk, in an interview with TechCrunch earlier this year.
The startup said its revenue increased about three times in 2020-2021 to reach $ 128 million to $ 48.52 million.
“In a short time, we believe Zetwerk has become a leader in providing fast and cost-effective manufacturing solutions to businesses around the world 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 new capital to expand its tech stack and expand into more international markets.
“Zetwerk is helping companies navigate the shift to digital manufacturing amid rapidly changing global supply chains,” Acharya said. “Over the past year, more than 100 Western companies have moved their supply chains to India through Zetwerk, through industrial and consumer products. “
Zetwerk is the 25th Indian startup to become a unicorn this year, up from 11 last year, as leading global investors double their bets in India.