Zetwerk secured $120 million for Series D funding

In a Series D funding round led by US-based Greenoaks Capital and Lightspeed Investment Partners, the Business-to-Business (B2B) manufacturing platform Zetwerk has raised $120 million (Rs 880 crore).

The fundraising, involving Sequoia Capital and Kae Capital, values the business at around $600 million, sources said.

The company was founded in the year 2018 by  Amrit Acharya, Rahul Sharma, Srinath Ramakkrushnan, and Vishal Chaudhary. Zetwork is an online marketplace for manufacturing employment that links buyers and suppliers. An online marketplace that links large manufacturing companies with manufacturers and suppliers of customized goods used as industrial machinery and equipment components. The company sells products such as crane parts, doors, chassis, and ladders for machines, as well as manufacturing, machining, casting, and forging services.

Zetwerk raised $21 million in Series C funding in July last year from Accel, Kae Capital, Lightspeed and Sequoia India. It raised $32 million in December 2019 as part of its Series B round, which was co-led by Greenoaks Capital. A combined $193 million in equity capital has been raised by the firm to date.

The funds will be used through geographies and segments for business expansion, it said.

Amrit Acharya, co-founder, and chief executive officer of Zetwerks, said that the company would also look at “smaller M&A opportunities for inorganic growth and business gaps on the technology and supply side.

The company ended the 2020 financial year at a sales run rate of Rs 320 crore.