Business-to-business (B2B) platform for custom manufacturing Zetwerk announced on Monday that it has raised $150 million in the Series E round of equity funding led by New York-based D1 Capital Partners. After this latest round of funding, Zetwerk is valued at $1.33 billion making it the 25th Indian startup to join the Unicorn club this year.
"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.
Existing investors Greenoaks Capital, Lightspeed Venture Partners, Sequoia Capital and Accel Partners participated in the Series E round of funding. New investors Avenir and IIFL also participated in this round. The round also included angel investors such as Ritesh Aggarwal, founder of OYO, Kunal Shah, founder of CRED, Cem Garih, Managing Partner of Alarko Ventures and Fethi Sabanci Kamisli, Founding partner of Esas Ventures.
Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary had founded Zetwerk in 2018. The firm's custom manufacturing platform helps customers convert their digital designs into physical products. The startup had raised its seed funding round only three years ago in August 2018. Earlier in February 2021, Zetwerk had also completed a $120 million Series D round funding.
"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," he added.
Acharya has explained that the firm will use the funds generated towards building new technology, global expansion and strengthening its market leadership across industrial and consumer manufacturing supply chains.
Zetwerk in an official statement explained that its revenue had jumped approximately three times in fiscal year 2020-21. It aims to grow its revenue by four times in 2021-22, based on a strong order book of Rs 5,000 crore. Zetwerk has announced that it has already turned EBITDA positive this financial year and is growing the business in a capital-efficient manner.
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