Zetwerk raises $210 mn from Greenoaks Capital, others at $2.7 bn valuation

Mumbai: Business-to-business (B2B) manufacturing services marketplace Zetwerk Manufacturing Business Pvt Ltd has raised about $210 million as a part of its Series F funding round, led by US-based Greenoaks Capital, according to a regulatory filing.

Greenoaks Capital alone invested ₹543.8 crore ($72.5 million) in the funding round, according to the regulatory filing. ICONIQ Strategic Partners, D1 Capital Partners, Steadview Capital Mauritius, Avenir Zetwerk Investors, Lightspeed Venture Partners, among other investors, participated in the funding round.

According to VCCircle estimates, the fundraise values Zetwerk at $2.68 billion. With the latest fundraise, Lightspeed Venture Partners’ stake in Zetwerk has risen to 6.10%.

As a part of the transaction, Zetwerk allotted 41,816 Series F Compulsorily Convertible Preference Shares (CCPS) at an issue price of ₹3,75,128, for a total consideration of a little more than ₹1,568 crore ($209.51 million). The company will be using the funds for meeting Zetwerk’s fund requirements, according to the regulatory filing. The company will also use funds for growth and general corporate purposes, including capital expenditure, the regulatory filing showed.

An email sent to Zetwerk did not elicit an immediate response.

In August, Zetwerk raised $150 million as a part of its Series E funding round, which valued the company at $1.33 billion. The funding was led by D1 Capital, that has backed Indian technology startups including Dream11 and Zomato. Earlier this year, the company had raised $120 million as a part of its Series D funding round, led by Greenoaks Capital and Lightspeed Venture Partners.

The Bengaluru-based company was founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary. The company connects mid-to-large original equipment manufacturers from India and Southeast Asia with firms that require custom products and machine parts.

The startup claims to have forged partnerships in segments such as precision parts, capital goods and consumer goods. The product categories it serves include prefabricated structures for infrastructure projects, sheet metal for electric vehicles, precision parts for aerospace, and assembly lines for consumer durables.

Acharya had told VCCircle in a recent interview that the company was eyeing international expansion, and exploring inorganic opportunities through acquisitions.