Zetwerk enters unicorn club after $150 mn fundraise

Manufacturing start-up Zetwerk on Monday said it has raised USD 150 million (about Rs 1,110 crore) in a Series E round led by D1 Capital, valuing the company at USD 1.33 billion. The company has turned unicorn in three years, and plans to expand manufacturing business overseas in various domains, including oil and gas, aviation, consumer products etc, Zetwerk CEO Amrit Acharya said.

“We have raised USD 150 million in series E round led by D1 Capital. New investors Avenir and IIFL also participated in the round, along with existing investors Greenoaks Capital, Lightspeed Venture Partners, Sequoia Capital and Accel Partners,” Acharya said. D1 Capital has infused USD 60 million in the company, Green Oaks USD 32 million and Lightspeed Venture USD 22.5 million. Acharya declined to disclose the amount invested by other investors.

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He said the company has started operations in North America and Singapore and will expand to the Middle East and Europe in the next 6-12 months. Zetwerk’s 85 per cent of business is industrial-focused, which is serving industries like oil and gas, infrastructure, real estate, auto components, medical devices. The company has an order book of around USD 670 million and is looking to increase revenue by fourfold to around USD 480 million during the current fiscal.

Zetwerk is also planning to double its workforce. “We are around 500 people now. We used to be around 300 in January 2021. We will add more people in research and development, marketing and sales for international growth. We will touch somewhere between 800-1,000 people in the next six months,” Acharya said. The company’s main focus remains on software development for manufacturing and will look for expanding R&D team accordingly, he added.