Zetwerk raises $21 million funding led by Greenoaks Capital1 min read . Updated: 02 Jul 2020, 02:39 PM IST
- With the current funding, Zetwerk has raised total equity capital of $62 million ( ₹450 crore) till date
- The firm is looking to use the funds for international expansion, launching new categories and strengthening its product stack
BENGALURU: Business-to-business (B2B) manufacturing platform Zetwerk has raised $21 million ( ₹160 crore) as part of its Series C round, led by existing investor US-based Greenoaks Capital. Existing investors including Accel, Kae Capital, Lightspeed and Sequoia India also participated in this round.
The funding round comes just six months after the two-year old startup had raised $32 million as part of its Series B round in December that was also co-led by Greenoaks capital.
With the current funding, Zetwerk has raised total equity capital of $62 million ( ₹450 crore) till date.
The firm is looking to use the funds for international expansion, launching new categories and strengthening its product stack.
“We believe Zetwerk has developed unique software to enable an enormous global manufacturing marketplace connecting OEMs and EPCs with industrial suppliers. Increasingly, companies are looking to diversify their supply chain globally and Zetwerk's platform allows them to identify and collaborate with supplier partners to deliver projects on-time and with high quality, " said Neil Shah of Greenoaks Capital.
Founded by IIT alumni Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk is a manufacturing platform which helps customers with procurement of custom products (not available off-the-shelf), while helping them with real-time tracking, and project management up till delivery.
“The demand for manufacturing has significantly increased over the last few months. At Zetwerk, we are excited to strengthen the manufacturing ecosystem further and to move forward in our mission of increasing the GDP of manufacturing, both in India and globally," said Amrit Acharya, the CEO of Zetwerk.
Zetwerk claims to have a presence across India, North America, South-East Asia, with clients spanning across industries of oil and gas, steel, cement, aerospace, infrastructure, amongs others.
The startup is also backed by Sequoia Capital, which participated during its Series A round. In July last year, Sequoia Capital along with Tiger Global Management invested in Moglix, an online platform for industrial goods and equipment.