Zetwerk raises $118M in Series F funding at flat valuation: Report

Manufacturing marketplace Zetwerk has secured a Series F funding of Rs 967 crore ($118 million) from Avenir Growth Capital and Footpath Ventures, as per a report by Entrackr.

The Bengaluru-based company's board passed a resolution to issue 2.37 crore Series F2 compulsory convertible preference shares at an issue price of Rs 407.4 per share to raise Rs 966.7 crore or $118 million, the report said citing a filing with the Registrar of Companies (RoC).

Avenir Capital led the round with Rs 617 crore ($75.2 million) while Footpath Ventures invested Rs 193 crore ($23.5 million). Investors Greenoaks Capital, Steadview Capital, D1 Capital, and Lightspeed invested Rs 156 crore together in the funding round, as per the report.

Zetwerk is valued at around $2.7 billion, the same as when it had raised $210 million led by Greenoaks in December 2021.

YourStory has reached out to Zetwerk for a comment on the development.

Founded by Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary, Zetwerk is a marketplace for manufacturing jobs.

It acquired Unimacts in a cash-and-equity deal at a valuation of $39 million in November 2022. The company said it expects the acquisition to help it gain access to marquee solar and wind-power customers in the US, which is the largest international market for the company.