Eyeing New Areas like Laptops and EV Parts, Raises Fresh Round of
Funds to Expand
B2B eCommerce unicorn Zetwerk which became a unicorn in 2021 has raised $120 million in its series F funding round led by Avenir Growth Capital. While Avenir Growth Capital contributed $75.2 million, Footpath Ventures contributed $23.5 million with the remaining coming from Greenoaks, Steadview Capital, Lightspeed, and D1 Capital.
Zetwerk had earlier this year raised Rs 100 crore or 12 million in debt. The venture had in December 2021, raised $210 million in a round led by Greenoaks. The startup was valued at $2.7 billion at that time. The venture has raised $674 million to date, according to entrackr.com
Here are some more details about the B2B eCommerce venture.
Founding Year: 2018
Founders: Amit Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary.
Location: Bangalore
Business: Zetwerk was initially set up as a database of suppliers but on realizing that a bigger opportunity lay in providing a full-fledged marketplace that was well integrated with third-party vendors, the eCommerce model was adopted. The company has now announced plans to enter the IT hardware business and produce laptops and components for electric vehicle makers.
Services Offered: The startup connects OEMs (original equipment manufacturers) and EPC (engineering procurement construction) customers with manufacturing
Small businesses and enterprises. It sells products that include crane parts, doors, ladders, and chassis of different machines. Zetwerk offers to build components according to customers’ specifications and offers doorstep delivery. The venture has expanded its product offerings to cover consumer goods, apparel, defense, aerospace, and many more industry segments.
Target Areas: Businesses engaged in fabrication, machining, casting, and forging and requiring custom-made products. The company claims to serve more than 100 customers spread across 25 industries in India, the Middle East, North America, and the SEA region.
Financial Performance: Zetwerk reported revenue from operations of Rs 4,961 crore in FY22, up from Rs 835 crore in FY21. The venture’s losses increased by 46% to Rs 60 crore in FY22.
Competitors: Infra.Market, Moglix, and OfBusiness.
