Funding Alert
Zetwerk Secures $120 Million in Funding from Avenir and Lightspeed.
-
ByStartupStory | October 18, 2023
Zetwerk, a B2B manufacturing unicorn, has secured $120 million in Series F funding, with Avenir Growth Capital leading the investment and participation from existing investors such as Lightspeed, Greenoaks Capital, and Steadview Capital. Notably, Avenir had acquired a 2.96% stake in Zetwerk earlier in May via AZK4 LLC.
This equity funding round follows closely on the heels of Zetwerk’s $210 million funding round in December 2021, which was spearheaded by Greenoaks and valued the company at $2.7 billion. Additionally, the B2B unicorn had raised INR 100 Crores (approximately $12 million) in debt funding in March.
To facilitate this latest investment, Zetwerk’s board approved a special resolution to issue 2,37,29,324 Series F2 Compulsory Convertible Preference Shares (CCPS) at an issue price of INR 407.4 per share, raising INR 966.7 Crores ($118 million), as indicated by filings with the Registrar of Companies (RoC).
Exciting news! We’re now on WhatsApp Channels too. Subscribe today by clicking the link and stay updated with the latest insights in the startup ecosystem! Click here!
Avenir Growth Capital contributed INR 617 Crores ($75.2 million), while Footpath Ventures injected an additional INR 193 Crores ($23.5 million). Meanwhile, Greenoaks Capital, Steadview Capital, D1 Capital, and Lightspeed collectively invested approximately INR 156 Crores in this funding round.
Also Read
-
-
Clean-label food brand Anveshan has raised Rs 150 crore (nearly $16 million) in a Series B funding round led by Vertex Ventures Southeast Asia & India. The round also saw participation from International Finance Corporation (IFC), Swiggy co-founder Sri Harsha Majety, and existing investors including Wipro Consumer Care Ventures, Titan Capital Winners Fund, Force Ventures, and boAt co-founders Aman Gupta and Sameer Mehta. Entrackr had exclusively reported the development last week. According to Entrackr’s estimates, the funding valued the company at over $90 million. The fresh capital will be used to strengthen manufacturing capabilities, accelerate product development, expand offline distribution, and deepen its digital presence. The company also plans to invest in sourcing infrastructure, procurement systems, quality assurance, and testing capabilities while expanding partnerships with micro entrepreneurs and traditional producers. Founded in 2020 by Kuldeep Parewa, Akhil Kansal, and Aayushi Khandelwal, Anveshan sells minimally processed food products including A2 bilona ghee, cold-pressed oils, raw honey, atta, and other traditional nutrition-focused products. The startup operates through a network of rural producers and micro entrepreneurs across the country. Anveshan claims to be operating at an annual revenue run rate of Rs 280-300 crore and is targeting Rs 1,000 crore in revenue over the next 24-30 months. The company plans to expand its atta portfolio, strengthen its owned digital channels, scale offline distribution, and continue investing in product innovation. For the fiscal year ended March 2025, Anveshan reported a 64.6% increase in operating revenue to Rs 77.08 crore from Rs 46.84 crore in FY24. Its losses widened to Rs 11.88 crore in FY25 from Rs 5.74 crore in the previous fiscal year....
Follow Startup Story
