Zetwerk secures $ 150 million in funding
India-based Zetwerk has completed its second major fundraising round for 2021, raising $ 150 million from its recent Series E round, according to a report from The Economic Times. D1 Capital Partners led the funding round, with participation from current investors, Greenoaks Capital, Lightspeed Venture Partners, Sequoia and Accel.
The most recent funding follows a February round that raised $ 120 million for the company, which connects original equipment manufacturers and construction engineering supply companies to small and medium-sized companies in the manufacturing sector, according to PYMNTS.
Read more: B2B markets attract new venture capital funds
Prior to that, in the midst of the pandemic and at a time when other B2B organizations were experiencing a lull in venture capital contributions, Zetwerk raised $ 21 million for its e-commerce platform, according to PYMNTS. The company had said the funding round would be aimed at expanding operations across the country and helping other Indian businesses connect with cross-border partners.
Read more: B2B FinTechs Show Signs of Lull in Mid-Year Venture Capital
The most recent funding round will be used to expand the company’s reach globally and expand its technology. The multi-million dollar rounds have propelled Zetwerk’s valuation to $ 1.33 billion, according to The Economic Times. At this rate, Zetwerk has joined the coveted ranks of the Unicorn, a category reserved for private companies with valuations above $ 1 billion. Earlier this month, Indian digital payments startup BharatPe became one of some 800 unicorn companies around the world, according to PYMNTS.
Related: Indian digital payments start-up BharatPe raises $ 350 million
Zetwerk was founded by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary in 2018. Each month the company sells over 15,000 items, such as crane parts, doors, machine frames and ladders, according to PYMNTS. Zetwerk also provides services to manufacturing, machining, casting and forging companies and helps Indian manufacturers find overseas customers. Manufacturers use the Zetwerk platform to export their products to North America and Southeast Asia.
See more : Zetwerk Raises $ 32 Million Series B Led By Lightspeed and Greenoaks Capital