Business-to-business ecommerce startup Zetwerk for custom manufacturing has closed a USD 120 million Series F funding round, with Avenir Growth Capital at the forefront. Despite the fresh equity funding, Zetwerk’s valuation remained stable during the round. This marks the company’s first equity investment in 2023, according to media reports.
The regulatory filing reveals that Zetwerk’s board approved the issuance of 2,37,29,324 Series F2 compulsory convertible preference shares at a price of Rs 407.4 per share, raising Rs 966.7 crore or USD 118 million.
Avenir Growth Capital led the round with Rs 617 crore or USD 75.2 million, and Footpath Ventures invested Rs 193 crore or USD 23.5 million. Existing investors Greenoaks Capital, Steadview Capital, D1 Capital and Lightspeed collectively contributed Rs 156 crore during the round.
According to media reports, Zetwerk is valued at about USD 2.7 billion post-series F2 funding. This valuation is in line with the company’s worth when it raised USD 210 million led by Greenoaks in December 2021. Zetwerk has now secured USD 674 million in total funding.
As of the latest data, Avenir Growth Capital owns 4.7 per cent stake, while Lightspeed, Peak XV Partners and Co-founder Amrit Acharya possess 11.72 per cent, 13.91 per cent, and 7.95 per cent stakes, respectively.
Zetwerk, founded by Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, connects buyers and suppliers for manufacturing jobs, partnering with offline suppliers involved in machine parts fabrication, machining, casting, forging and galvanising.
Operating in over 15 countries, the company serves more than 100 customers across 25+ industries in India, North America, the Middle East and the SEA region.
For the fiscal year 2022, Zetwerk’s revenue from operations increased sixfold to Rs 4,961 crore from Rs 835 crore in FY21, with losses rising by 46.3 per cent to Rs 60 crore.
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