Bengaluru: Zetwerk, a Bengaluru-based B2B manufacturing marketplace, has raised INR 100 crore ($14 million) in debt funding from financial institutions, including InnoVen Capital, which led the round and existing investor Alteria Capital.
The funds will be used to further expand the company’s business operations and invest in technology development. Zetwerk connects small and medium-sized manufacturers with large enterprises looking for customized manufacturing solutions.
Founded in 2018, the company has grown rapidly, with over 8,000 suppliers and 150 enterprise customers on its platform. It offers a range of services, including procurement, quality control, logistics, and financing.
According to Zetwerk co-founder and CEO Amrit Acharya, the company has seen significant growth in recent years, driven by increasing demand for customized manufacturing solutions and the adoption of digital technologies in the manufacturing industry.
“We are excited to partner with InnoVen Capital and Alteria Capital as we continue to build out our platform and expand our reach,” Acharya said in a statement. “With this funding, we will be able to invest in our technology platform and enhance our capabilities to better serve our customers.”
InnoVen Capital, which provides venture debt to high-growth startups, has invested in several other Indian startups, including Byju’s, Swiggy, and Oyo. According to Ashish Sharma, CEO of InnoVen Capital India, Zetwerk is well-positioned to capitalize on the growing demand for customized manufacturing solutions in India and beyond.
“We are pleased to partner with Zetwerk as they continue to build out their platform and connect small and medium-sized manufacturers with large enterprises,” Sharma said in a statement. “We believe that Zetwerk has the potential to transform the manufacturing industry in India and beyond.”
Zetwerk’s latest funding round follows a $120 million Series D round in September 2021, which Greenoaks Capital and Lightspeed Venture Partners led. The company has raised a total of $223 million in funding to date.
With its latest funding round, Zetwerk is well-positioned to continue expanding its operations and driving innovation in the manufacturing industry. As demand for customized manufacturing solutions grows, Zetwerk is poised to become a major player in the Indian and global markets.
