Zetwerk said to raise $150-million funding, enter unicorn club

By Daisy On Aug 20, 2021

Mumbai: Zetwerk, a contract manufacturer of consumer and capital goods, has raised $150 million in a Series E funding round led by D1 Capital Partners, people with knowledge of the development said.

The fundraising pegs the company’s valuation at over $1 billion, making it the latest entrant India’s coveted unicorn club.

“Existing investors will also participate in the round, and some early backers have cashed out,” said a person with direct knowledge of the deal.

The funding round comes six months after the company
raised $120 million (Rs 880 crore) in Series D funding, led by US-based Greenoaks Capital and Lightspeed Venture Partners in February this year. The round valued the company at around $600 million then.

When contacted, a spokesperson for Zetwerk declined to comment. D1 Capital could not be immediately reached. This report will be updated as and when they respond.

Founded in 2018 by IIT alumni Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk helps small and medium enterprises (SMEs) translate digital designs into physical products. It operates in more than 25 industry segments.

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In an interview with ET in July, CEO Amrit Acharya said that the company’s revenues grew nearly three times from the previous year to Rs 949 crore.

The company has forayed into new manufacturing categories, such as consumer goods, apparel, defence, space and aerospace. Around 90% of its business is concentrated around the Indian market. Acharya expects this mix to change to 20-25% over next 18-24 months.

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