Zetwerk, a Bangalore-based startup which operates a manufacturing services platform, has secured $2.2 million (₹16 crore) in a new debut funding round from InnoVen Capital, reports VCCircle. The capital will be used by the startup to further deepen the technology as well as manufacturing capabilities, along with widening its supplier base.
Commenting on the funding, Amrit Acharya, co-founder and CEO, Zetwerk said: “We are focused on deepening our capabilities and widening our supplier base, as we build a world class platform for manufacturing services.”
The investment comes just a month after the company raised about $32 million in Series B funding from Lightspeed Venture Partners and Greenoaks Capital as well as existing investors Sequoia India, Accel and Kae Capital.
Ashish Sharma, CEO of InnoVen Capital India, said: “This is a large addressable market, with tremendous potential to organize the space and provide more efficient solutions to OEMs & EPCs for custom engineering jobs.”
Zetwerk was founded in the year 2018 by Amrit Acharya, Srinath Ramakkrushnan, and Vishal Chaudhary. As said, it is a B2B marketplace startup that connects large manufacturing companies with vendors and suppliers for customised products that are used as components of industrial machines and equipment. Currently, the company has over 1,500 SMEs and over 100 enterprises on its platform.
On the demand side, the startup works with mid-to-large OEM companies from India and Southeast Asia. On the supply side, the firm works with manufacturing SMEs like Bharat Wires, RN fabricators, and GM Engineers across multiple categories. As for generating revenue, the company charges a percentage fee from the transactions that the platform facilitates.
