[Funding alert] Bengaluru manufacturing startup Zetwerk raises $120M in Series D round led by Greenoaks Capital, Lightspeed Venture Partners
Bengaluru-based manufacturing platformraised $120 million in a Series D funding led by Greenoaks Capital and Lightspeed Venture Partners. Other investors, including Sequoia Capital India and Kae Capital, also participated in the round.
The startup will use the funding to help customers translate their digital designs into physical products through access to a wide range of fully verified, flexible manufacturing capacity from small manufacturers (SMEs).
Zetwerks had last raised $21 million in Series C in July 2020, bringing the total equity capital raised to $193 million.
Speaking on the investment, Amrit Acharya, Co-founder and CEO, Zetwerk, said,
“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. 2021 will see a further pace of growth as companies seek to diversify their procurement to minimise disruptions and become more agile and resilient."
Founded in 2018 by IIT alumni — Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary — the platform is increasingly adopted globally, growing 3X yearly in 2020 despite the COVID-19 impact.
Commenting on the funding, Neil Shah, Partner at Greenoaks Capital, said,
“We are excited to partner with Zetwerk on the next leg of its journey as it expands its value proposition globally. Zetwerk's operating system for manufacturing has digitised multiple supply chains end-to-end, ensuring on-time delivery, and high-quality standards. This has led to its rapid growth in India and internationally, with the potential to quickly become one of the most important manufacturing platforms globally.”
The startup works on three key segments — precision parts, capital goods, and consumer goods — which includes prefabricated structures for infrastructure projects, precision parts for aerospace, sheet metal parts for electric vehicles, assembly lines for consumer durables, etc.
Vaibhav Agrawal, Partner at Lightspeed, said, "We were amazed by the customer-centricity and anti-fragility of the Zetwerk network. Zetwerk showed up as a real dependable partner to its buyers and suppliers, often stepping up to help in moments of vulnerability, especially during the COVID-19-induced lockdowns. The Zetwerk supply chain has emerged leaner, faster, stronger on multiple fronts post-COVID, and it is a great example of an antifragile system."
The platform has a global network of over 250 customers, 2,000 suppliers spread across 15 countries in North America, Asia-Pacific, and the Middle East. Zetwerk operates in over 25 industries like process plants, oil and gas, renewables, aerospace, steel, automotive, consumer electronics, apparel, etc.
The startup is also looking to strengthen its technology and continue its expansion into new categories and regions, making world-class manufacturing capabilities more accessible, and establishing Zetwerk as the go-to platform for the global manufacturing industry.