An Indian B2B market place for manufacturing items, Zetwerk has raised fresh funding in a new financing round. This is specially because it looks forward to scale its operations in India and also help local businesses find customers overseas
Investment firm Greenoaks, an investment firm based out of San Francisco has led the two year old Indian startup’s Series C funding round. The existing investors Accel, Kae Capital, Lightspeed, and Sequoia Capital had also participated in the round, that pushes Zetwerk’s till date raise to $62 million.
The startup was founded by Amrit Acharya, Srinath Ramakkrushnan, and Rahul Sharma and Vishal Chaudhary in 2018. OEMs (original equipment manufacturers) and EPC (engineering procurement construction) customers are mainly connected by Zetwerk, along with manufacturing small businesses and enterprises.
Quite different from typical e-commerce firms, Zetwerk sells goods like parts of a crane, doors, and chassis of various machines and ladders. They also operate to serve customers in fabrication, machining, casting and also forging businesses. “Nobody has a stock of such inventories. You get the order, you find manufacturers and workshops that make them. Our customers are companies that are in the business of building infrastructure,” said Acharya, who serves as Zetwerk’s chief executive.
He continued to say that currently, Zetwerk works with more than 150 enterprises and 2,500 small and medium-sized businesses. They also have developed a unique software in order to enable an enormous global manufacturing marketplace that connects OEMs and EPCs with the industry suppliers. He added that companies are looking to diversify their supply chain globally and Zetwerk’s platform allows them to identify and also collaborate with supplier partners so that they can deliver projects on high time and quality.
Off-track, data states that manufacturing contributes to 14% of India’s GDP, however, India lacks a supporting ecosystem that would help execute projects more efficiently. Zetwerk would be deploying the fresh capital to fund its international expansion and also launch new categories. The startup told an international publication that they are holding up well overall amid the pandemic.