Zetwerk Gets $120 Million to Scale its Operating System for Manufacturers Globally
The global manufacturing platform Zetwerk raises Rs.880 crore in its series D round of funding. The round was led by US based Greenoaks Capital and Lightspeed Venture Partners, with participation from Sequoia Capital India and Kae Capital. The fund will be used to continue helping customers translate their digital designs into physical products through access to a wide range of fully verified, flexible manufacturing capacity from small manufacturers.
Founded in 2018 by IIT alumni Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk has rapidly established itself as a universal platform for the entire manufacturing ecosystem. This is why despite pandemic, the company witnessed a three-fold growth.
This series D comes as a vote of confidence reflecting Zetwerk’s substantial growth, shortly after the company’s $21 million series C in July 2020, bringing the total equity capital raised by the company to $193 million.
Zetwerk is modernizing the manufacturing sector using proprietary technology and project management techniques that enables growth and higher utilization for small manufacturers, and ensures efficiency for global customers.
Today, Zetwerk’s global network includes 250+ customers and 2,000+ suppliers spread across 15+ countries in North America, Asia-Pacific and the Middle East. Overall, Zetwerk’s international business has grown substantially since its launch in 2020, as global customers sought to make their supply chains more resilient by diversifying into India and South East Asia as alternate sourcing destinations.
Zetwerk operates in 25+ industries including Process Plants, Oil & Gas, Renewables, Steel, Aerospace, Automotive, Energy, Consumer Electronics, Medical Devices, Apparel and Luxury Goods. 1000+ unique projects have been executed and delivered to date, with 2x the number currently in progress. With this fundraise, Zetwerk will further strengthen its technology and continue its expansion into new categories and regions, making world-class manufacturing capabilities more accessible and establishing Zetwerk as the go-to platform for the global manufacturing industry.
Amrit Acharya, Co-founder & CEO, shared, “The global manufacturing industry has had to swiftly adjust to the new normal, and digital solutions have become essential. Zetwerk accelerates this digital transformation with state-of-the-art productivity tools and remote project management. 2021 will see further pace of growth as companies seek to diversify their procurement to minimize disruptions and become more agile and resilient. We are proud to partner with the world’s most innovative companies to catalyze their digital transformation in manufacturing.”
Neil Shah, Partner at Greenoaks Capital, added, “We are excited to partner with Zetwerk on the next leg of their journey, as they expand their value proposition globally. Zetwerk's operating system for manufacturing has digitized multiple supply chains end-to-end, ensuring on-time delivery and high quality standards. This has led to rapid growth in India and internationally, with the potential to quickly become one of the most important manufacturing platforms globally”
Vaibhav Agrawal, Partner at Lightspeed, said, "We were amazed by the customer centricity and anti-fragility of the Zetwerk network. Zetwerk showed up as a real dependable partner to its buyers and suppliers, often stepping up to help in moments of vulnerability - especially during the Covid induced lockdowns. The Zetwerk supply chain has emerged leaner, faster, stronger on multiple fronts post Covid, and it is a great example of an antifragile system."
Shailesh Lakhani, Managing Director, Sequoia India added, “Zetwerk has defined a new category of marketplace, enabling manufacturing to be done with greater efficiency and speed than ever before, while exposing Indian suppliers to global markets. Having seen Amrit and Srinath’s journey up close from the seed round, and Zetwerk’s potential for accelerated growth in a post pandemic world, further strengthened Sequoia Capital India’s conviction to double down on the partnership.”
Prayank Swaroop, Partner, Accel added: “Zetwerk provides businesses in industries like infrastructure, manufacturing and consumer goods a consistent and high quality end-to-end service. The Zetwerk platform enables Indian SMB suppliers to increase their revenues and provides them a truly global reach. We are very happy that the founders chose to partner with Accel since the early days, they have really been great at executing and scaling the business.”
Sasha Mirchandani, Managing Director, Kae Capital said, “We are privileged to have been early partners with Amrit, Srinath and the Zetwerk team in their journey. Zetwerk’s unique platform is being used for digital transformation of the manufacturing industry globally. We look forward to the exciting journey ahead along with our co-investors - Greenoaks, Lightspeed, Sequoia and Accel”.