A B2B marketplace for custom manufacturing, Zetwerk has raised about $21 million in Series C funding round led by its existing investors US-based Greenoaks Capital. The round also saw participation from Mauritius-based Kalysta Capital Fund, Subhsiah Vellayan, A. Venkatachalam along with other existing backers like Accel, Kae Capital, Lightspeed and Sequoia India.
Zetwerk also raised $32 million from Greenoaks Capital and Lightspeed in December 2019 and with the latest development the two-year old company has raised $62 million in total. “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,” said Neil Shah of Greenoaks Capital.
The startup connects buyers and suppliers for manufacturing jobs. It partners with offline suppliers who are engaged in fabrication, machining, casting, forging, and galvanizing of machine parts. Zetwerk is presently functioning in over 15 countries and serves a clientele of 100 across 25 industries in India, North America, Middle East and South East Asia.
The company has doubled in size since its last funding six months ago, as told by Amit Acharya co-founder and CEO of Zetwerk in a news report. He said that their platform records about 30,000 parts manufactured and shipped with the gross merchandise value also growing two-fold in the same time period.
Zetwerk has decided to infuse the raised funds in entering new categories and expanding its presence overseas to get more OEMs onto its platform that are looking to manufacture parts and components in India. Acharya said that export-led manufacturing has bounced back even as local demand remains subdued due to the impact of the ongoing pandemic.
Acharya stated, “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. We plan to utilize the funds towards international expansion, launching new categories and strengthening our product stack.”