Custom manufacturing platform Zetwerk announced that it has raised a $150 million equity round led by New York based D1 Capital Partners. New investors Avenir and IIFL also participated in the round, along with existing investors Greenoaks Capital, Lightspeed Venture Partners, Sequoia Capital and Accel Partners.
The latest round values the Bengaluru-based company at $1.33 billion, making it one of the fastest growing digital manufacturing companies in the world, having raised its seed funding round only three years ago in August 2018. Zetwerk also completed a $120 million Series D round in February 2021.
Zetwerk said it will use the funds towards building new technology, global expansion and strengthening its market leadership across industrial and consumer manufacturing supply chains.
The round also included angel investors such as Ritesh Aggarwal, founder of OYO, Kunal Shah, founder of CRED, Cem Garih, Managing Partner of Alarko Ventures, the venture capital arm of Alarko Group; and Fethi Sabanci Kamisli, Founding partner of Esas Ventures; one of the largest family-owned investment firms in Turkey.
According to the company, Zetwerk has demonstrated strong growth with its revenue growing approximately three times in 2020-21, and it aims to grow its revenue by four times in 2021-22, based on a strong order book of Rs 5000 crore. Additionally, Zetwerk announced that the company has already turned EBITDA positive this financial year and is growing the business in a capital-efficient manner.
â€śZetwerk is helping enterprises navigate the shift to digital manufacturing amidst rapidly changing global supply chains,â€ť said Amrit Acharya, CEO of Zetwerk. â€śOver the last year, more than 100 western companies have moved their supply chains to India via Zetwerk, across industrial and consumer products,â€ť he added.
Zetwerkâ€™s custom manufacturing platform helps customers convert their digital designs into physical products. Zetwerk offers customers access to a wide range of manufacturing capabilities, including metal fabrication, CNC machining, plastic injection moulding, 3D printing and aluminium die castings, across thousands of manufacturing partners.