Zetwerk, Business-to-business (B2B) marketplace for contract manufacturing, announced that it has raised a $150 million equity 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 round also included angel investors such as Ritesh Aggarwal, founder of OYO, Kunal Shah, founder of CRED, Cem Garih, Managing Partner of Alarko Ventures; the venture capital arm of Alarko Group, and Fethi Sabanci Kamisli, Founding partner of Esas Ventures; one of the largest family-owned investment firms in Turkey.
The latest round values Zetwerk at $1.33 billion, making it one of the fastest growing digital manufacturing companies in the world, having raised its seed funding round only three years ago in August 2018. Zetwerk also completed a $120m Series D in February 2021.
"Zetwork 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 will use the funds towards building new technology, global expansion and strengthening its market leadership across industrial and consumer manufacturing supply chains, Acharya said.
“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.
Zetwerk aims to grow its revenue by four times in 2021-22, based on a strong order book of Rs 5,000 crore. Additionally, it announced that the company has already turned EBITDA positive this financial year and is growing the business in a capital-efficient manner.