Bangalore based Zetwerk, the online marketplace for business-to-business for custom manufacturing has picked up $32 million as part of its Series B financing. Lightspeed and Greenoaks Capital are leading the latest financing with participation from existing backers, Sequoia India, Accel, and Kae Capital. Udaan co-founder Vaibhav Gupta and OYO’s Chief Strategy Officer Maninder Gulati. The current infusion takes the total amount raised by the firm now stands at $41 million. The firm also said that it has raised another $14.2 million in debt from a consortium of banks, and others.
Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, by Vishal Chaudhary, the firm offers a manufacturing platform connecting Original Equipment Manufacturers (OEMs) and Engineering Procurement Construction (EPC) customers across India, North America, and South-east Asia with manufacturing SMEs.
Vaibhav Agrawal a Partner at Lightspeed talking about the funding said, "We are privileged to have the opportunity to work with Zetwerk. It is unusual to come across a market that is as large as $40-60 billion in India and global trade-tailwinds that create an opportunity to serve international demand. The operating and strategic prowess of the founding team was evident in the hockey-stick growth trajectory of the company.
Greenoaks Capital's Neil Shah mentions, "We believe Zetwerk is modernizing the massive industrial manufacturing market with their next-generation marketplace as OEMs get access to reliable and transparent industrial suppliers and manufacturers to conduct sophisticated project management and grow their businesses by leveraging Zetwerk's suite of software. We are proud to partner with the Zetwerk team and help them bring what we believe is a transformational service globally.”
The firm competes with the likes of Aperza, Negotiatus, Active Network, and LevaData in the segment and current capital infusion will give them a lot of boost against these rivals.
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