Zetwerk Concludes $8.3 Mn Share Buyback
The company completed share buyback after it raised $120 million in series D funding from Greenoaks, Lightspeed, Sequoia, and Kae Capital
Bengaluru-based digital B2B marketplace for large manufacturing, Zetwerk Manufacturing, announced on Wednesday it has bought back shares worth $8.3 million from employees and early investors.
A large part of the Zetwerk workforce participated in the employee stock options (ESOPS) liquidation process completed in three rounds.
"Zetwerk is building a company for the future and we believe that employees are a crucial part of the journey. The aggressive growth in the past two years reflects the role played by Zetwerk employees, some of whom chose to be a part of the journey when the company existed only on paper. For us, building a strong culture that recognizes the contribution of employees is extremely important, and we plan to carry out this exercise even in the future as we scale up our business," said Amrit Acharya, chief executive officer, and co-founder, Zetwerk Manufacturing.
Founded in 2018 by Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary, Zetwerk Manufacturing Business helps brands manufacture in India and reduce import dependency, and it also helps Indian manufacturers export to marquee companies overseas. It works with more than 2,000 suppliers and has made on-time execution and delivery of more than 1,000 projects in over 15 countries.
"This step materializes in wealth creation for the employees and reaffirms the confidence of the founders and investors in the business," Acharya added.
The platform is backed by marquee investors such as Sequoia Capital, Accel Partners, Greenoaks, Lightspeed Partners, and Kae Capital.
In February, the company raised $120 million in a Series D funding round led by US-based Greenoaks Capital and Lightspeed taking its overall fundraise to close to $200 million. Sequoia Capital India and Kae Capital also participated in the round.