Zetwerk raises $20M from Indigo Co-founder Rakesh Gangwal

Zetwerk, the Bengaluru-based B2B contract manufacturing startup, has raised $20 million from Rakesh Gangwal, Co-founder of India’s leading airline company Indigo, through his investment company Wheelhouse Venture Capital.

A statement from Zetwerk said, “We are delighted to share that Mr Rakesh Gangwal has invested $20 million in Zetwerk through Wheelhouse Venture Capital. Mr Gangwal, with his extensive experience spanning several decades, brings invaluable insights into building businesses and iconic brands. His strategic guidance will be crucial in building Zetwerk into a generational company.”

Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, and Rahul Sharma, Zetwerk offers a managed marketplace to industrial and consumer enterprises for contract manufacturing. It operates across diverse industries including oil and gas, renewables, aerospace, infrastructure, apparel, electronics and retail, as well as solar and renewable energy.

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The startup turned unicorn in 2021 and is now valued at around $2.7 billion. Its key investors include Green Oaks Capital, Lightspeed, and Peak XV Partners.

Zetwerk reported a revenue of Rs 11,448 crore for FY23, a year-on-year growth of 130%. The losses during this period touched Rs 108.7 crore, which was an increase of 82%.

The startup also has a presence in countries outside of India including Singapore, the US, and the Middle East. It acquired four companies in 2022, the latest being US-based Unimacts for $39 million.