India: Zetwerk nabs $32m funding from Lightspeed, Greenoaks Capital

Photo: Mint

Zetwerk, a business-to-business marketplace for custom manufacturing, Wednesday said it has raised $32 million in a Series B financing round led by Lightspeed and Greenoaks Capital to fuel its expansion.

The startup’s existing investors Accel, Sequoia India and Kae Capital also participated in the round. Udaan cofounder Vaibhav Gupta and OYO chief strategy officer Maninder Gulati participated in their personal capacities.

According to a TechCrunch report, Zetwerk has also raised about $14.2 million in debt from a consortium of banks, and others.

The Bangalore-based startup has raised a total of $41 million to date.

Founded in 2018 by Indian Institute of Technology (IIT), Madras alumni Amrit Acharya and Srinath Ramakkrushnan, the firm procures manufacturing services such as fabrication, machining, casting and forging from small and medium companies and connects them to mid-to-large OEMs (original equipment manufacturers) and engineering, procurement and construction firms in India and South-East Asia.

Zetwerk works primarily with clients in the oil and gas, power, renewable energy and infrastructure businesses. The company has a total delivery capacity of more than 15,000 tonnes per month across India, per an earlier Mint report.

The 18-month-old startup had raised about $9 million in a Series A round from Accel Partners, Sequoia Capital, and Kae Capital in March this year.

“We are investing heavily in building the entire platform in a robust and scalable manner. We have just started building a full-stack offering and will need funds to go beyond discovery and acting as a marketplace, but also venture into financing, logistics, helping suppliers in purchasing materials and others,” said an Economic Times report quoting Amrit Acharya, chief executive officer of Zetwerk.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.