Khosla Ventures and Rakesh Gangwal Lead USD 90 Mn Round in Zetwerk The investment will be channeled toward expanding Zetwerk's operations in renewables, consumer electronics, and aerospace.
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Contract manufacturing startup Zetwerk has announced the raising of around USD 90 million in its latest funding round, achieving a valuation of USD 3.1 billion. The round was led by Khosla Ventures and IndiGo Airlines Co-founder Rakesh Gangwal, with participation from Baillie Gifford, Greenoaks, and Avenir Growth.
This funding comes on the heels of Zetwerk's USD 20 million raise in March 2024, bringing its total funding for the year to USD 90 million. Cumulatively, the company has raised USD 740 million since its inception in 2018, according to Tracxn.
The investment will be channeled toward expanding Zetwerk's operations in renewables, consumer electronics, and aerospace.
Zetwerk Co-founder and CEO Amrit Acharya highlighted in a statement, "The manufacturing sector has long grappled with challenges such as time delays, budget overruns, quality issues, and limited supplier transparency. These persistent issues have significantly impacted production timelines. Now, as countries strive to diversify their supply chains in response to global geo-political shifts, a new layer of complexity has been added."
He said Zetwerk is positioning itself as a key partner for global customers seeking to navigate the near-shoring or on-shoring landscape.
Zetwerk reported a Gross Merchandise Value (GMV) of INR 17,564 crore for FY 2023-24, with an adjusted EBITDA of INR 191 crore. The startup's order book stands at INR 12,839 crore. The industrial segment, which includes renewables and precision manufacturing, contributed 92% to the GMV, while international business accounted for 21% of total operations.
The platform claims to have over 2,000 customers across India, North America, and Europe. Its ability to cater to diverse industries such as industrials, consumer electronics, aerospace, and defense has solidified its position as a global manufacturing marketplace.
"Zetwerk has quickly become a leading manufacturing marketplace, enabling customers to build across various sectors," said Jai Sajnani of Khosla Ventures, emphasizing the startup's growing global footprint.
With this funding, Zetwerk aims to further enhance its capabilities and solidify its leadership in contract manufacturing, leveraging the evolving global manufacturing landscape.
