Zetwerk Raises $70M at a $3.1 Billion Valuation
- ByStartupStory | December 20, 2024
Contract manufacturing startup Zetwerk has successfully raised $70 million in its latest funding round, securing a valuation of $3.1 billion. The funding was led by Khosla Ventures and IndiGo Airlines Co-founder Rakesh Gangwal, with participation from existing investors including Baillie Gifford, Greenoaks, and Avenir Growth. This marks Zetwerk’s second funding round in 2024, following a $20 million raise in March, bringing the total funds raised this year to $90 million.
The company plans to channel the fresh capital into expanding its core business areas, namely renewables, consumer electronics, and aerospace. Since its founding in 2018, Zetwerk has cumulatively raised $740 million, according to data from Tracxn.
Zetwerk achieved a Gross Merchandise Value (GMV) of ₹17,564 crore for the financial year 2023-24, reflecting its rapid growth. The company also recorded an adjusted EBITDA of ₹191 crore and holds a strong order book of ₹12,839 crore.
Amrit Acharya, Co-founder and CEO of Zetwerk, commented on the challenges facing the manufacturing sector: “The manufacturing sector has long grappled with challenges such as time delays, budget overruns, quality issues, and limited supplier transparency. These persistent issues have significantly impacted production timelines. Now, as countries strive to diversify their supply chains in response to global geo-political shifts, a new layer of complexity has been added.”
Acharya emphasized Zetwerk’s strategic role in navigating these challenges, stating, “Zetwerk is positioning itself as a key partner for global customers seeking to navigate the near-shoring or on-shoring landscape.”
The company serves over 2,000 customers across India, North America, and Europe, with 92% of its GMV originating from industrial sectors such as renewables and precision manufacturing. International markets accounted for 21% of the GMV.
Jai Sajnani of Khosla Ventures highlighted Zetwerk’s global potential, saying, “Zetwerk has quickly become a leading manufacturing marketplace that gives customers options around the world to build in any arena from industrials and consumer electronics to aerospace and defence.”
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