Zetwerk Raises $20 Million Funding from Rakesh Gangwal’s Wheelhouse Venture
- ByStartupStory | March 8, 2024
Zetwerk, a Bengaluru-based B2B manufacturing marketplace unicorn, has secured $20 million in funding from IndiGo promoter Rakesh Gangwal’s Wheelhouse Venture Capital. “We are delighted to share that Rakesh Gangwal has invested $20 million in Zetwerk through Wheelhouse Venture Capital,” stated Zetwerk.
This marks Wheelhouse Venture’s inaugural investment in the company, further solidifying Zetwerk’s position in the market. “Gangwal, with his extensive experience spanning several decades, brings invaluable insights into building businesses and iconic brands,” Zetwerk added, highlighting Gangwal’s strategic significance.
Previously, in August 2021, Zetwerk attained unicorn status with a valuation of $1.3 billion after securing approximately $150 million in funding from D1 Capital Partners. Zetwerk’s latest funding round in March 2023 saw it raise about $12 million in debt capital from Edelweiss.
Despite increased losses, Zetwerk’s growth trajectory remains impressive, with its gross merchandise value (GMV) surging 2.3 times to Rs 11,448 crore in the last fiscal year. “His strategic guidance will be crucial in building Zetwerk into a generational company,” Zetwerk emphasized, underscoring Gangwal’s role in shaping the company’s future.
Founded in 2018 by Indian Institutes of Technology (IIT) alumni, Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary, Zetwerk aims to become the leading platform for the global manufacturing industry.
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