03 Feb 2021: Global manufacturing platform Zetwerk has raised Rs. 880 Crore in its Series D round led by US based Greenoaks Capital and Lightspeed Venture Partners, to continue helping customers translate their digital designs into physical products, through access to a wide range of fully verified, flexible manufacturing capacity from small manufacturers (SMEs). Sequoia Capital India and Kae Capital also participated in the round.
Founded in 2018 by IIT alumni Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk has rapidly established itself as a universal platform for the entire manufacturing ecosystem.This Series D comes as a vote of confidence reflecting Zetwerk’s substantial growth, shortly after the company’s $21 million Series C in July 2020, bringing the total equity capital raised by the company to $193 million.
Zetwerk is modernizing the manufacturing industry using proprietary technology and project management techniques that enables growth and higher utilization for small manufacturers, and ensures efficiency for global customers.
Today, Zetwerk’s global network includes 250+ customers and 2,000+ suppliers spread across 15+ countries in North America, Asia-Pacific and the Middle East. Overall, Zetwerk’s international business has grown substantially since its launch in 2020, as global customers sought to make their supply chains more resilient by diversifying into India and South East Asia as alternate sourcing destinations.
Zetwerk operates in 25+ industries including Process Plants, Oil & Gas, Renewables, Steel, Aerospace, Automotive, Energy, Consumer Electronics, Medical Devices, Apparel and Luxury Goods. 1000+ unique projects have been executed and delivered to date, with 2x the number currently in progress. 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.
Amrit Acharya, Co-founder & CEO, Zetwerk, shared, “The global manufacturing industry has had to swiftly adjust to the new normal, and digital solutions have become essential. Zetwerk accelerates this digital transformation with state-of-the-art productivity tools and remote project management. 2021 will see further pace of growth as companies seek to diversify their procurement to minimize disruptions and become more agile and resilient. We are proud to partner with the world’s most innovative companies to catalyze their digital transformation in manufacturing.”
Shailesh Lakhani, Managing Director, Sequoia India added, “Zetwerk has defined a new category of marketplace, enabling manufacturing to be done with greater efficiency and speed than ever before, while exposing Indian suppliers to global markets. Having seen Amrit and Srinath’s journey up close from the seed round, and Zetwerk’s potential for accelerated growth in a post pandemic world, further strengthened Sequoia Capital India’s conviction to double down on the partnership.”
Source: Business World