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B2B manufacturing marketplace Zetwerk has reportedly raised around $118 million in a funding round led by Avenir Growth Capital at a previous valuation of $2.7 billion.
The development comes three months after it appointed Pulkit Bhandari as its Chief Financial Officer (CFO).
According to Entrackr report, citing the company's regulatory filings, The startup has passed a special resolution to issue 2,37,29,324 Series F2 compulsory convertible preference shares at an issue price of Rs 407.4 per share to raise Rs 966.7 crore or $118 million.
Participation of other investors
The current round also saw participation from Footpath Ventures which infused Rs 193 crore or $23.5 million, Greenoaks Capital, Steadview Capital, D1 Capital, and Lightspeed which cumulatively invested Rs 156 crore in the round, the report added.
Zetwerk's $210M funding round
The equity round comes almost two years after it raised $210 million in a Series F funding round in December 2021 from US-based Greenoaks Capital, which reportedly valued Zetwerk at about $2.7 billion.
The Series F round also saw participation from investors, including ICONIQ Strategic Partners, D1 Capital Partners, Steadview Capital, Mauritius, Avenir, and Lightspeed Venture Partners, among others.
So far, the startup has raised over $770 million in funding till date from various investors.
What does Zetwerk do?
Founded in 2018 by a team of six entrepreneurs: Amrit Acharya, Balaraman Ramakkrushnan, Rahul Sharma, Srinath Ramakkrushnan, Vishal Chaudhary, and Ankit Fatehpuria.
The startup offers a managed marketplace for contract manufacturing, assisting global industrial and consumer enterprises in having their products manufactured by a worldwide network of small-scale manufacturers.
Presently, The startup has a presence in over 15 countries and serves over 100 customers in India, North America, the Middle East, and the SEA region.
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