A startup in India that offers a marketplace for business-to-business manufacturing products is the latest to achieve the coveted unicorn status on the South Asian market.
Zetwerk, a Bangalore-based company, announced Monday that it had raised $150 million in a Series E financing round. It was led by D1 Capital Partners from New York. Avenir and IIFL, as well as existing investors Greenoaks Capital and Lightspeed Venture Partners, participated in the round.
Zetwerk's new investment is valued at $1.33 Billion, twice the $600-$700 M it was valued at during its Series D round in February. It also featured several prominent angel investors, including Kunal Shah from CRED and Ritesh Aggarwal from OYO.
The startup, which has been in operation for four years, offers a business-to–business marketplace that allows customers to purchase manufacturing products from OEMs (original equipment makers) and EPCs (engineering procur construction) customers.
It manufactures all of its products, including parts of cranes, doors and the chassis of machines, today.
These inventories are rare. In an interview with TechCrunch, Amrit Acharya (co-founder and chief executive at Zetwerk), explained that once you have the order, there are manufacturers and workshops that can make it.
According to the startup, its revenue increased approximately three-fold between 2020-21 and $128 million to $48.52million.
Zetwerk has been able to deliver fast, cost-effective manufacturing solutions for companies worldwide in a short time. This is according to Jeremy Goldstein, D1 Capital Partners in a statement.
The new capital will be used by the startup to expand its technology stack and reach more international markets.
Acharya said that Zetwerk helps enterprises navigate the transition to digital manufacturing in a world with rapidly changing supply chains. Zetwerk has helped more than 100 companies from the West move their supply chains to India over the past year. This includes both industrial and consumer products.
Zetwerk is now the 25th Indian startup that has become a unicorn, up from the 11 last year. This comes as prominent global investors are aggressively doubling down on promising companies in India's second largest internet market.
