The Indian Business-to-Business marketplace for manufacturing goods, Zetwerk, has successfully raised $21 million (about Rs. 160 crores) to scale its operations. The 2-year old start up received the funding from Greenoaks’, a San-Francisco based global investment firm, led Series C financing round. With this funding, the company is looking forward to expanding its operations and help local business find customers abroad.
Participation in this round of investment also comprised some of the current investors which included the American venture capital firm Accel, Lightspeed, Sequoia Capital India and the Indian firm Kae Capital.
This news comes just six months after the company raise $32 million co-led by Lightspeed and Greenoaks capital recording the total funding, so far received to, $62 million (Rs. 450 crores).
Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk is a B2B startup based out of Bengaluru, Karnataka. It focuses on supplying and connecting businesses which concentrate on fabrication, machining, casting and forging. Currently it works with more than 150 enterprises and 2500 small and medium sized businesses, as quoted by inc42.com.
Amrit Archarya, one of the co-founders of Zetwerk, also told Economic Times that with the manufacturing and shipping of 30,000 materials through their platform, the company had almost doubled since 2019 thus making it an attractive hub for investment. He further added that the fund, gained out of the Series C financing round of investments would be employed towards fetching more Original Equipment Manufacturers (OEMs), who are looking at India as a marketplace, on their platform.
“At Zetwerk, we are excited to strengthen the manufacturing ecosystem further and to move forward in our mission of increasing the GDP of manufacturing, both in india and globally”, said Acharya in his statement to Economic Times.
“Overall, we are doing well,” said Acharya in a statement to TechCrunch when asked about the status of the company’s operations amidst the current pandemic. He further said that the company works across multiple domains and is still growing.
