Venture Capital: B2B Parts Maker Zetwerk Reels In $120M

February 3, 2021 | News, Venture Capital
https://dailyalts.com/wp-content/uploads/2021/02/die-casting-banner.png

The Bengaluru, India-based startup scored a valuation of $600M.

Zetwerk, an Indian startup, aggregates manufacturing services such as fabrication, machining, casting, and forging of machine parts and offers them to enterprises across the world. Its providers are drawn from the SME sector, while buyers are typically EPCs and OEMs. The firm raised $120 million in a Series D round led by existing investors, Lightspeed Venture Partners, and Greenoaks Capital. Continuing investors Sequoia Capital and Kae Capital also invested.  (Moneycontrol)

Zetwerk

Indian Institute of Technology (IIT), Madras alumni Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary founded Zetwerk in 2018.

The startup specializes in custom manufacturing of parts not normally found in standard inventories. According to TechCrunch, it reported revenues of $43.9 million for the year ended March. That represented a growth of 20X from the previous year.

Its customer base was previously located mostly in India and South-East Asia but now includes as many as 25 clients from the U.S., Canada, Europe, and other international markets.

On an aggregate basis, Zetwerk now boasts of over 250 customers and 2,000 suppliers. It serves industries as varied as process plants, oil and gas, renewables, aerospace, steel, automotive, consumer electronics, and apparel.

“Zetwerk’s operating system for manufacturing has digitized 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,” said Neil Shah, partner at Greenoaks Capital.

Scope

Shailesh Lakhani, managing director at Sequoia India told TechCrunch that Zetwerk had created a unique space and did not compete with any other firm.

Vaibhav Agarwal, a partner at Lightspeed, thinks that the domestic Indian market is as large as $40 billion to $60 billion.

Add to that a steady shift out of China due to geopolitical tensions, and Zetwerk has significant growth potential.

“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 a further pace of growth as companies seek to diversify their procurement to minimize disruptions and become more agile and resilient,” said Amrit Acharya, Co-founder & CEO, Zetwerk.

Use of funds

Zetwerk will use the proceeds from the latest round to scale up its offerings.

It will help customers translate their digital designs into physical products through access to a wider range of fully verified, flexible manufacturing capacity from small manufacturers (SMEs).

Related Story:  The Indian VC Industry Deployed a Record $10B in 2019 (Report)              

Image Source: Zetwerk                                     

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/02/bitcoin-4034393_640.jpg
Digital Assets: South Korean Central Banker Engages In Bitcoin Bashing
February 25, 2021     Digital Assets, News, Regulations

Bank of Korea Governor Lee Ju-yeol, when speaking at a parliamentary session on Wednesday, said crypto-assets such as bitcoin had no intrinsic value and were victim to highly volatile price…

https://dailyalts.com/wp-content/uploads/2021/02/bitcoin-5927460_640.jpg
Digital Assets: Corporates Buy More Bitcoin – MicroStrategy $1B; Square $170M
February 24, 2021     Digital Assets, News

MicroStrategy describes bitcoin as “a dependable store of value.” In an announcement today, MicroStrategy (NASDAQ: MSTR) said it had invested an additional $1.026 billion in the purchase of 19,452 bitcoins…

https://dailyalts.com/wp-content/uploads/2021/02/download_url-0617_klarna_highres-25-1.jpg
Venture Capital: Klarna’s Funding Binge On Course For A $1B Raise
February 24, 2021     FinTech, Latest News, News

Bloomberg reports that Klarna Bank AB, the Swedish fintech startup that was valued at $10.65 billion in September, may raise another $1 billion. But this time its valuation could be…

https://dailyalts.com/wp-content/uploads/2021/02/screenshot-www.tyme_.com-2021.02.24-20_04_34.png
FinTech: Tyme Raises $110M For Its Bank In South Africa, ASEAN Expansion
February 24, 2021     FinTech, News

Tyme has partnered with JG Summit to Launch Digital Bank for the Philippines. Digital banking network Tyme announced Tuesday its raise of $110 million from new investors Apis Growth Fund…