Manufacturing unicorn Zetwerk has raised $20 million in a new funding round by IndiGo promoter Rakesh Gangwal through Wheelhouse Venture Capital.

Strategic guidance

“We are delighted to share that Rakesh Gangwal has invested $20 million in Zetwerk through Wheelhouse Venture Capital. 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,” the company said in a statement.

The company since its inception in 2018, has raised over $660 million, inclusive of the recent round. It became a unicorn in Aug 2020, with a $150 million investment led by D1 Capital Partners.

Zetwerk is a manufacturing network that partners with enterprises across sectors and gets the products manufactured majorly through a network of small and medium manufacturers. The company notes that it works with 10,000 MSMEs, 95 per cent of whom are in India.

Various categories

The company is present in various categories such as railways, oil and gas, aerospace and defence, capital goods and consumer goods. Recently, it also announced to invest ₹1000 crores to strengthen its consumer electronics manufacturing foray, as it plans to enter into the electric vehicle and IT hardware category, in a bid to achieve the next phase of growth.

Zetwerk has expanded overseas by creating subsidiaries in Singapore and the US. The company has made four acquisitions, the recent one being the acquisition of manufacturing services company Unimacts for $39 million.

comment COMMENT NOW