India’s Zetwerk valued at $1.33 billion in new funding – TechCrunch

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An Indian startup that operates a business-to-business market for manufacturing gadgets is the most recent to achieve the coveted unicorn standing within the South Asian market.

Bangalore-based Zetwerk mentioned on Monday it has raised $150 million in a Sequence E financing spherical led by New York based mostly D1 Capital Companions. New buyers Avenir and IIFL additionally participated within the spherical, together with present buyers Greenoaks Capital, Lightspeed Enterprise Companions, Sequoia Capital and Accel Companions.

The brand new funding values Zetwerk at $1.33 billion, twice of $600 million-$700 million it was valued at in its Sequence D spherical in February this yr. The spherical additionally included a number of high-profile angel buyers together with Kunal Shah of CRED and Ritesh Aggarwal of OYO.

The four-year-old startup runs a business-to-business market for manufacturing gadgets that connects OEMs (authentic gear producers) and EPC (engineering procurement building) clients with manufacturing small-businesses and enterprises.

All of the merchandise it sells immediately — starting from elements of crane, doorways, and chassis of machines — are custom-made.

“No one has a inventory of such inventories. You get the order, you discover producers and workshops that make them,” defined Amrit Acharya, co-founder and chief govt of Zetwerk, in an interview with TechCrunch earlier this yr.

The startup, which in recent times has expanded to Southeast Asia and North America, mentioned its income grew roughly 3 times in 2020-21 to $128 million to $48.52 million.

“In a brief time period, we consider Zetwerk has turn out to be a pacesetter in delivering quick and cost-effective manufacturing options to corporations globally and accelerating the tempo of digital transformation of a really conventional trade,” mentioned Jeremy Goldstein of D1 Capital Companions, in a press release.

The startup plans to deploy the contemporary capital to broaden its expertise stack and increase to extra worldwide markets.

“Zetwerk helps enterprises navigate the shift to digital manufacturing amidst quickly altering international provide chains,” mentioned Acharya. “Over the past yr, greater than 100 western corporations have moved their provide chains to India by way of Zetwerk, throughout industrial and client merchandise.”

Zetwerk is the 25th Indian startup to turn out to be a unicorn this yr, up from 11 final yr, as high-profile international buyers aggressively double down on promising companies on the planet’s second largest web market.

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