Zetwerk raises $90 million in a funding round at a valuation of $3.1 billion

ZETWERK Manufacturing Businesses has secured nearly $90 million in a 2024 funding round led by key investors Rakesh Gangwal and Khosla Ventures, pushing its valuation to $3.1 billion.

This marks a jump from its previous $2.7 billion valuation in 2023. 

The round also saw the participation of new investor Baillie Gifford, as well as existing backers Greenoaks and Avenir Growth.

Focus on core segments and global expansion

ZETWERK plans to use the fresh investment to strengthen its presence in Renewables, Consumer Electronics, and Aerospace—key areas that align with global trends in sustainable manufacturing and next-generation production.

According to the company, the move is part of a broader strategy to help customers diversify their supply chains and reduce their dependence on any single country, reflecting a shift driven by geopolitical changes.

The company reported a Gross Merchandise Value (GMV) of ₹17,564 crore (about $2.1 billion) for the year ended March 31, 2024.

Nearly 92% of this GMV came from its industrial segment, which includes Renewables and Precision Manufacturing. International markets, such as North America and Europe, accounted for 21% of its business—a figure that ZETWERK aims to grow further.

$5 trillion lifetime GMV

Founded in 2018, ZETWERK claims to have delivered about $5 billion in lifetime GMV and currently serves over 2,000 customers worldwide.

Working with more than 10,000 suppliers in India, the U.S., Vietnam, and Mexico, the startup ensures flexible sourcing options for its customers. Today, about 20% of its supply base is located outside India.

ZETWERK OS

A key driver of ZETWERK’s efficiency is its proprietary manufacturing operating system, ZETWERK OS. This platform manages every stage of the production cycle—from choosing suppliers and tracking orders in real time to maintaining communication and quality control. This approach helps keep projects on schedule and reduces unexpected costs.

“This software is critical for our customers’ success,” Acharya said. “A typical customer order involves six Zetwerk suppliers, over 100 designs, and a two-month fulfillment timeline. Additionally, Zetwerk manages 1,000 customer contracts simultaneously. Zetwerk OS enables us to handle this complexity with unparalleled transparency, mitigating cost overruns and ensuring significantly higher on-time delivery rates compared to traditional factory-based manufacturing.”