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India’s Zetwerk valued at $1.33 billion in new funding

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An Indian startup that operates a business-to-business market for manufacturing objects is the newest to realize the coveted unicorn standing within the South Asian market.

Bangalore-based Zetwerk mentioned on Monday it has raised $150 million in a Collection E financing spherical led by New York-based D1 Capital Companions. New buyers Avenir and IIFL additionally participated within the spherical, together with current buyers Greenoaks Capital, Lightspeed Enterprise Companions, Sequoia Capital and Accel Companions. The spherical additionally included a number of high-profile angel buyers, together with Kunal Shah of CRED and Ritesh Agarwal of OYO.

The brand new funding values Zetwerk at $1.33 billion, twice the $600 million-$700 million it was valued at in its Collection D spherical in February this yr.

The four-year-old startup runs a business-to-business market for manufacturing objects that connects OEMs (authentic tools producers) and EPC (engineering procurement building) clients with manufacturing small-businesses and enterprises.

All of the merchandise it sells right this moment — starting from components of cranes, doorways and chassis of machines — are custom-made.

“No one has a inventory of such inventories. You get the order, you discover producers and workshops that make them,” defined Amrit Acharya, co-founder and chief government of Zetwerk, in an interview with ahosti earlier this yr.

The startup, which lately has expanded to Southeast Asia and North America, mentioned its income grew roughly 3 times in 2020-21, to $128 million.

“In a brief time period, we consider Zetwerk has grow to be a frontrunner in delivering quick and cost-effective manufacturing options to corporations globally and accelerating the tempo of digital transformation of a really conventional business,” mentioned Jeremy Goldstein of D1 Capital Companions, in an announcement.

The startup plans to deploy the contemporary capital to broaden its know-how stack and broaden to extra worldwide markets.

“Zetwerk helps enterprises navigate the shift to digital manufacturing amidst quickly altering international provide chains,” mentioned Acharya. “Over the past yr, greater than 100 western corporations have moved their provide chains to India by way of Zetwerk, throughout industrial and client merchandise.”

Zetwerk is the twenty fifth Indian startup to grow to be a unicorn this yr, up from 11 final yr, as high-profile international buyers aggressively double down on promising corporations on the earth’s second-largest web market.

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