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.