Returning investor Greenoaks Capital leads $21 mn funding round in Zetwerk

Returning investor Greenoaks Capital leads $21 mn funding round in Zetwerk
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2 Jul, 2020

Zetwerk Manufacturing Businesses, a B2B manufacturing services marketplace, has raised $21 million (Rs 160 crore) in a Series C funding round led by returning investor Greenoaks Capital.

Returning investors Accel, Kae Capital, Lightspeed and Sequoia India also participated in the round, as per a statement.

The startup will invest the fresh capital to accelerate its international expansion, launch new categories and strengthen its product stack, Amrit Acharya, CEO of Zetwerk, said.

The round brings the two-year-old startup’s total equity fundraise to $62 million (Rs 450 crore), it said.

In January, it raised $2.2 million in venture debt from InnoVen Capital. In December 2019, Greenoaks Capital and Lightspeed Venture Partners led the startup’s $32 million Series B round. In March 2019, Zetwerk raised $9 million in Series A funding round from venture capital firms Sequoia, Kae Capital and Accel.

“We believe Zetwerk has developed unique software to enable an enormous global manufacturing marketplace connecting OEMs and EPCs with industrial suppliers. Increasingly, companies are looking to diversify their supply chain globally and Zetwerk's platform allows them to identify and collaborate with supplier partners to deliver projects on time and with high quality,” Neil Shah of Greenoaks Capital, said.

Zetwerk CEO Acharya founded the company in 2018 with fellow IIT Madras alumnus Srinath Ramakkrushnan. The platform connects original equipment manufacturers (OEM) and engineering procurement construction (EPM) companies with small and medium enterprises (SMEs) for on-demand manufacturing services. It helps customers with procurement of custom products, real-time tracking and project management services, and assists SMEs to utilise their manufacturing capacities.

“The demand for manufacturing has significantly increased over the past few months. 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,” Acharya said.

Zetwerk caters to customers in categories such as fabrication, machining, casting and forging across oil and gas, steel, cement, aerospace and infrastructure industries. The company currently has a presence in India, North America and Southeast Asia.