Business-to-business online shopping unicorn Zetwerk for custom manufacturing has raised $120 million in a round of financing led by Avenir Growth Capital, but its valuation remained unchanged. The Bengaluru-based company’s first equity investment for 2023 is this one.
According to a regulatory filing with the Registrar of Companies, the board of directors at Zetwerk approved a special resolution to issue 2,37,29,324 Series F2 compulsory convertible preference shares at an issue price of Rs 407.4 per share in order to raise Rs 966.7 crore, or $118 million.
With Rs 617 crore, or $75.2 million, Avenir Growth Capital took the lead in the round. Footpath Ventures contributed Rs 193 crore, or $23.5 million. Greenoaks Capital, Steadview Capital, D1 Capital, and Lightspeed all participated in the round and collectively invested a total of Rs 156 crore.
Zetwerk, a three-year-old company that connects buyers and suppliers for manufacturing jobs, was founded by Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary. The company collaborates with offline vendors who fabricate, machine, cast, forge, and galvanize machine parts.
It says it serves more than 100 customers from more than 25 industries in India, North America, the Middle East, and the SEA region and is operational in more than 15 countries.
Zetwerk has not yet submitted its financial reports for FY23. From Rs 835 crore in FY21 to Rs 4,961 crore in FY22, its operating revenue increased sixfold, while the company’s losses only grew by 46.3% to Rs 60 crore.
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