Business-to-business platform for custom manufacturing – Zetwerk – has raised $9 million in a Series A round from Accel Partners while existing investors Sequoia Capital and Kae Capital also participated.
Zetwerk will the proceeds to onboard more suppliers. Furthermore, the startup wants to connect mid-to-large original equipment manufacturers (OEMs) and manufacturing SMEs who are based in tier-2 and tier-3 cities.
Currently, the Amrit Acharya and Srinath Ramakkrushnan founded company is growing at 20-30 per cent month-on-month and working with 1,000 suppliers.
The company partners with offline suppliers who are engaged in fabrication, machining, casting, forging and galvanising of machine parts. It works with mid-to-large engineering companies such as Jindal, BGR energy, Embassy Group, amongst others.
According to the company’s website, it delivers 15,000 metric tonne of materials on a monthly basis and has executed over 500 custom projects.
Prior to this, Zetwerk raised a $1.2 million seed funding round from Kae Capital and Sequoia in August 2018.
According to a report by data tracker Tracxn, B2B (business-to-business) startups have raised around $3.09 billion across 415 rounds in 2018. It was 28 per cent more than the $2.41 billion allocated in 2017 across 534 rounds.
The development was reported by Mint.