Zetwerk raises Rs 880 cr to scale up its operating system
Bengaluru, Feb 3 Manufacturing platform Zetwerk has raised $120 million (nearly Rs 880 crore) in its Series D round led by US-based Greenoaks Capital and Lightspeed Venture Partners.
Sequoia Capital India and Kae Capital also participated in the round, Zetwerk said on Tuesday.
This Series D round comes after the company's $21 million Series C round in July 2020, bringing the total equity capital raised by the company to $193 million.
"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," Amrit Acharya, Co-founder & CEO, Zetwerk, said in a statement.
"2021 will see further pace of growth as companies seek to diversify their procurement to minimise disruptions and become more agile and resilient."
Zetwerk was founded in 2018 by Indian Institutes of Technology (IIT) alumni Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary with the aim of making it the go-to platform for the global manufacturing industry.
It runs business-to-business marketplace for manufacturing parts.
The platform is increasingly being adopted globally, with the company growing 3X year-on-year in 2020, despite the impact of the Covid-19 pandemic, said Bengaluru-based Zetwerk.
Zetwerk is modernising the manufacturing industry using proprietary technology and project management techniques.
Since its founding, Zetwerk has forged deep partnerships in three key segments - precision parts, capital goods and consumer goods, serving a diverse range of product categories including prefabricated structures for infrastructure projects, sheet metal parts for electric vehicles, precision parts for aerospace, assembly lines for consumer durables, etc.
With this fundraising, Zetwerk said it will further strengthen its technology and continue its expansion into new categories and regions.