[Funding alert] Zetwerk closes Rs 500 Cr financing agreement with TradeCred
Business-business (B2B) manufacturing solutions providerManufacturing on Tuesday said it has closed a Rs 500 crore financing agreement with TradeCred.
As many as 13 family offices are part of the financing agreement.
"We want to continue focusing on making our supply chain robust. Our order book continues to grow and has crossed Rs 5,200 crore. We are on track to achieve strong, profitable business growth in 2021-22," Zetwerk CEO Amrit Acharya said in a statement.
The financing agreement is expected to help Zetwerk strengthen its supply chain as well as achieve its growth targets. TradeCred is an alternate debt platform.
Zetwerk recently turned unicorn after securing $150 million in a Series E funding round led by D1 Capital Partners.
"Zetwerk is one of the very few businesses operating at scale, and best positioned to evangelise manufacturing in India, with tech-enabled operations like none other," TradeCred founder and CEO Hardik Shah added.
Run by Zetwerk Manufacturing Businesses Pvt Ltd, the company provides a global manufacturing network for custom manufacturing.
The platform offers manufacturing solutions across a diverse range of products, from simple items like steel pipes to complex products such as aircraft engine components.
Zetwerk was founded in August 2018 by Amrit, a former associate at McKinsey & Company, Rahul Sharma and Srinath Ramakkrushnan, who earlier worked at logistics firm Blackbuck, and Vishal Chaudhary, Rivigo’s former business lead. Srinath was also a part of OfBusiness’ founding team, which recently entered the unicorn club.
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