Zetwerk raises Rs 880cr in funding

Global manufacturing platform Zetwerk has raised Rs 880 crore (USD 120 million) in funding, led by US-based Greenoaks Capital and Lightspeed Venture Partners. Sequoia Capital India and Kae Capital also participated in the Series D funding round, a statement said. This latest capital infusion comes shortly after the company’s USD 21 million Series C round in July 2020, bringing the total equity capital raised by the company to USD 193 million. “With this fundraise, Zetwerk will further strengthen its technology and continue its expansion into new categories and regions, making world-class manufacturing capabilities more accessible and establishing Zetwerk as the go-to platform for the global manufacturing industry,” the statement said.

Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk has established itself as a universal platform for the entire manufacturing ecosystem and has clocked 3X year-on-year growth last year. Zetwerk is modernising this industry using proprietary technology and project management techniques that enable growth and higher utilisation for small manufacturers and ensure efficiency for global customers. It has partnerships in three key segments – precision parts, capital goods and consumer goods, and has a global network of over 250 customers and more than 2,000 suppliers across more than 15 countries. It operates in 25-plus industries, including process plants, oil and gas, renewables, steel, aerospace, automotive, energy, consumer electronics, medical devices, apparel and luxury goods.

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“The global manufacturing industry has had to adjust to the new normal swiftly, and digital solutions have become essential. Zetwerk accelerates this digital transformation with state-of-the-art productivity tools and remote project management,” Zetwerk co-founder and Chief Executive Officer Amrit Acharya said. He added that 2021 would see a further pace of growth as companies seek to diversify their procurement to minimise disruptions and become more agile and resilient. Neil Shah, Partner at Greenoaks Capital, said Zetwerk’s operating system for manufacturing has digitised multiple supply chains end-to-end, ensuring on-time delivery and high-quality standards. “This has led to rapid growth in India and internationally, with the potential to quickly become one of the most important manufacturing platforms globally,” he added.