Zetwerk, an Indian Business to Business marketplace that works as a connect between small scale companies producing manufacturing related goods (like Machines) and customers looking to set up production plants, has raised $21 million in a Series C funding round led by San Francisco-based investment firm Greenoaks.
The round saw investments from existing investors Accel, Kae Capital, Lightspeed and Sequoia Capital, bringing the total amount raised till date to $62 million. Seeing how the company is just two years old, this is a huge benchmark for the startup, which aims to scale its operations in the nation and help local businesses find customers overseas.
The idea behind the startup is simple. Large scale companies, who are just sitting on a hoard of cash, are always looking for smart investments, with an aim of making their hoard even bigger. Setting up your own production facility and cutting middlemen manufacturers can be a huge part of that, but is very difficult to achieve. This is because, as Zetwerk’s chief executive Amrit Acharya noted, no one has the necessary tools ready and stocked in inventories. This makes it very strenuous to build a manufacturing line, as the hassle involved is mind numbing.
However, this is where Zetwerk comes in. The platform allows companies, seeking to build their own manufacturing plants, to get in direct contact with small scale manufacturers and workshops, who then take the order and have the goods shipped to you. This is why, unlike most e-commerce platforms like Amazon and Flipkart, Zetwerk deals in crane parts, doors, chassis of different machines and ladders, instead of clothes and mobile phones. The startup operates to serve customers in fabrication, machining, casting and forging businesses.
Moreover, it eliminates the pain of waiting endlessly for a workshop to deliver your goods, as companies can track the production of these equipments, along with their shipping, when the time comes. This feature has been taken directly from the likes of Amazon and Flipkart, but been modified for the manufacturing industry.
TechCrunch reports that the company already works with 150 enterprises and 2,500 small and medium-sized businesses, along with delivering 30,000 parts each month.