Blog

The new round was led by Cayman-based D1 Capital Partners along with participation from Lightspeed, Greenoaks, Accel and others

Zetwerk closed its Series D round $120 Mn in February this year

With latest funding, the startup has entered the unicorn club, Inc42 sources confirm

Bengaluru-based manufacturing and supply chain services startup Zetwerk is raising INR 780 Cr (approx $104 Mn) in a fresh round of funding. 

According to regulatory filings accessed by Inc42, the upcoming Series E round will be led by US-based investment firm D1 Capital Partners, who will be allotted 18,637 compulsory convertible preference shares (CCPS) for INR 372 Cr.  Lightspeed Venture Partners, Accel India, Greenoaks, and QED Innovation Lab will also participate in the round, according to the filings.

Zetwerk had closed its Series D round in February this year, raising $120 Mn from Greenoaks and Lightspeed Venture Partners. Sequoia Capital India and Kae Capital had also participated in the round, which had taken the startup’s valuation reach $600 Mn. According to sources within the company, Zetwerk has entered the unicorn club with this funding round. 

On reaching out, the company declined to comment. Zetwerk is the 23rd Indian startup entering the unicorn club in 2021. In August alone, five other Indian startups have entered the unicorn club besides Zetwerk — CoinDCX, Eruditus, upGrad, Mindtickle and BharatPe. 

In June this year, Zetwerk raised $30 Mn in debt funding from Mars Growth Capital, a division of the fintech company Liquidity and MUFG Fund  to support growth in regions like Southeast Asia and marketing in the US and aggressively expand in newer areas like defense and aerospace. The startup received its Series C round of funding worth $21 Mn led by Greenoaks Capital in July last year. And prior to this, it had closed its Series B round at $21 Mn.

Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, and Vishal Chaudhary, Zetwerk is a manufacturing services platform that connects manufacturing companies with vendors and suppliers for customised products, industrial machine components and other equipment.