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B2B manufacturing services company Zetwerk plans to raise $210 million from Greenoaks Capital along with the participation of D1 Capital, IIFL, ICONIQ and Steadview Capital among others.
According to regulatory filings, the company has allotted 41,816 Series F compulsorily convertible preference shares of face value ₹10 each at a premium of ₹3,75,118.73 in one or more tranches aggregating to about ₹1,568 crore. The fresh funds will be used by the company to fund its growth plans and general corporate purposes, including but not limited to capital expenditure.
BusinessLine queries to Zetwerk did not elicit a response till the time of publication.
Previous fund raises
In August, Zetwerk raised a $150 million equity round led by New York-based D1 Capital Partners, at a valuation of $1.33 billion. Later in October, the company closed a ₹500 crore financing agreement with alternate debt platform TradeCred .
The start-up reported turning EBITDA positive in July 2021.
Custom manufacturing network
Zetwerk is a global manufacturing network for custom manufacturing that helps transform digital designs into physical manifestations. The company offers manufacturing solutions across a diverse range of products — from simple items like steel pipes to complex products like aircraft engine components, and from industrial use-cases like metal bridges, oil rigs, aircraft/auto components to consumer use-cases like apparel, home appliances, audio-visual electronics — for small businesses and Fortune 500 companies alike.
Further, Zetwerk’s in-house manufacturing operating system software, ZISO, enables digital selection of supply, pricing recommendations, digital repository of engineering designs, real-time tracking of manufacturing across various stages, visual updates of products being made, seamless communication across stakeholders, and quality assurance of the final product getting shipped.
Zetwerk claims to serve more than 600 customers from around the globe and has built a supply chain of more than 4,000 suppliers in regions such as North America, the Indo-Pacific, and the Middle East. During 2020-21, Zetwerk’s revenue grew to ₹949 crore from ₹360 crore in 2019-20.
Zetwerk’s list of investors include D1 Capital Partners, Sequoia Capital, Accel Partners, Greenoaks, Lightspeed Partners and Kae Capital.
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