Manufacturing and supply chain services firm Zetwerk has closed three funding rounds within six months to reach a valuation of above $1 billion. In the latest Series E round, the startup raised $104 million(Rs 780 crore). The company closed a Series D funding round of $120 million in February 2021. The firm also raised $30 million in June 2021 debt funding round.
Zetwerk Joins Unicorn Club
In a Series E round led by Cayman-based D1 Capital Partners, Zetwerk raised $104 million to enter the prestigious unicorn club. The company also saw active participation from Lightspeed, Greenoaks, Accel, and others in the latest financing event, as per the Inc42 exclusive report.
As per the regulatory filings accessed by Inc42, the upcoming Series E round will be led by investment giant D1 Capital Partners, who will receive 18,637 compulsory convertible preference shares (CCPS) in exchange for Rs 372 Crore. Lightspeed Venture Partners, Accel India, Greenoaks, and QED Innovation Lab will also participate in the round, according to the filings.
In a series D round of $120 million, Zetwerk reached a valuation of $600 million in February 2021 led by Greenoaks and Lightspeed Venture Partners. Sequoia Capital India and Kae Capital also actively participated in that round.
When contacted, Zetwerk did not reply to any queries concerned with the latest funding and valuation status. Zetwerk will be the sixth unicorn of August 2021. CoinDCX, Eruditus, upGrad, Mindtickle, and BharatPe are the other five startups that reached $1 billion and above valuation in the current month.
About Zetwerk and its Financial Growth
Zetwerk is on a fundraising spree. Within half a year, the startup raised $254 million in three-round closed in February, June, and August of 2021. June’s debt funding round was led by Mars Growth Capital, a division of the fintech company Liquidity and MUFG Fund to support growth in regions like Southeast Asia and marketing in the US and aggressively expand in newer areas like defense and aerospace.
In July 2020, the startup received $21 million in its Series C event led by Greenoaks Capital. And before that, it had closed its Series B round at $21 million.
Amrit Acharya, Srinath Ramakkrushnan, and Vishal Chaudhary co-founded the firm in 2018 to connect manufacturing companies with vendors and suppliers for customized products, industrial machine components, and other equipment.
Zetwerk provides complete warehouse and supply chain solutions to balance the demand and supply. Its customer base includes Tata Steel, Delhi Metro, BHEL among other major industrial and manufacturing companies in India and Southeast Asia.
Currently, Zetwerk doesn’t have any Indian direct competitor. Udaan, Infra.Market, Moglix, and OfBusiness also operate in the manufacturing industry but their business model is procurement to contract to manufacture.
Capgemini-owned Altran, US-based Bright Machines, Danish manufacturing services company OnRobot and others are the global competitors of Zetwerk operating in India and outside as well.