Zetwerk, an online marketplace for buyers and sellers of manufacturing services, has raised $32 million in a Series B round led by Lightspeed Venture Partners and Greenoaks Capital. Sequoia Capital India, Kae Capital and Accel were returning investors in the round.
With this round, the Bengaluru-based company has so far raised $42 million. In March this year, Zetwerk raised $9 million in Series A funding from venture capital firms Sequoia, Kae Capital and Accel.
The company plans to use the Series B capital for business expansion in domestic and overseas markets with a focus on the US and Southeast Asia, co-founder Amrit Acharya told TechCircle.
Separately, it also plans to provide finance to fund-strapped suppliers registered on its network. Although the finance support operations are yet to begin, the company has received a capital assurance of up to Rs 100 crore from banks and financial institutions.
Founded in 2018, the platform connects companies looking to outsource their custom machine building requirements with original equipment manufacturers from areas such as fabrication, machining, galvanising, forging and casting. The company claims that over 15,000 parts are produced each month through the platform, growing at 20% month-on-month.
Acharya, who is an IIT Madras and University of California alumnus, worked with McKinsey & Co and ITC, prior to founding Zetwerk. Co-founder Srinath Ramakkrushnan earlier co-founded fintech startup OfBusiness and was a former executive with logistics startup Blackbuck.
Other than Zetwerk, San Francisco headquartered venture capital firm Greenoaks Capital has investments in SoftBank-backed hospitality chain OYO and Kunal Shah-led Dreamplug Technologies, which operates credit card rewards platform Cred.