A startup in India that offers a marketplace to buy and sell products is one of the most recent South Asian unicorns.
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. Avenir, IIFL, and existing investors Greenoaks Capital Lightspeed Venture Partners and Sequoia Capital participated in this round.
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 featured several prominent angel investors, including Kunal Shah from CRED and Ritesh Aggarwal at OYO.
This four-year-old startup operates a marketplace that links OEMs (original equipment makers) and EPC customers (engineering procur construction). It also connects small-businesses with large-businesses.
Every product it sells, including parts of cranes, doors and machines’ chassis, is custom-made.
Nobody has such a large stock. In an interview with TechCrunch, Amrit Acharya (co-founder, chief executive, Zetwerk), explained that once you have the order, there are manufacturers and workshops that can make it,” Amrit Acharya said earlier in this year.
According to the startup, its revenues grew by approximately three-fold between 2020-21 and $128 Million to $48.52million.
Zetwerk is a global leader in fast, cost-effective manufacturing solutions for companies worldwide. This has been stated by Jeremy Goldstein, D1 Capital Partners in a statement.
This startup will use the capital raised to expand its technology platform and reach more markets internationally.
Acharya stated that Zetwerk helps enterprises to navigate the transition to digital manufacturing in a world with rapidly evolving supply chains. Zetwerk has helped more than 100 companies from the West move their supply chains across both industrial and consumer goods to India over the past year.
Zetwerk, the 25th Indian startup that has become a unicorn, is up from the 11 last year. This comes as prominent global investors are aggressively doubling down on promising companies in India’s second-largest internet market.
Publiated at Mon, 23 August 2021 09:43.35 +0000