Capital and consumer goods manufacturer Zetwerk Manufacturing on Tuesday said it has closed a Rs 500 crore financing agreement with TradeCred. As many as 13 family offices are part of the financing agreement.
"We want to continue focusing on making our supply chain robust. Zetwerk's ability to facilitate this arrangement also shows investor confidence in day-to-day business of the company. Our order book continues to grow and has crossed Rs 5,200 crore. We are on track to achieve strong, profitable business growth in 2021-22," Zetwerk CEO Amrit Acharya said in a statement.
The financing agreement will help fuel growth of Zetwerk and make its supply chain robust, the company said. Zetwerk recently turned unicorn after raising $150 million in Series E funding round led by D1 Capital Partners.
"Zetwerk is one of the very few businesses operating at scale, and best positioned to evangelize manufacturing in India, with tech-enabled operations like none other. We are excited to have partnered in this journey of delivering next milestones in the global manufacturing space," TradeCred founder and CEO Hardik Shah said.
(With inputs from PTI)
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)