Zetwerk, a B2B marketplace for custom manufacturing, has secured $120 million in its Series D round led by Greenoaks Capital and Lightspeed Venture Partners.
The fresh round comes within seven months of its Series C round during which it had scooped up $21 million led by Greeenoaks along with participation from existing backers such as Accel, Kae Capital, Lightspeed and Sequoia India.
While Fintrackr could not verify Zetwerk’s current valuation, an ET report estimated it at around $600 million. The company’s valuation has jumped 2.5X from $242 million during its Series C financing round.
According to the Zetwerk, the fresh proceeds will be used for business expansion across geographies and categories. The Amit Acharya-led company will also look at smaller merger and acquisition opportunities to grow further.
The three-year-old company connects buyers and suppliers for manufacturing jobs. It partners with offline suppliers who are engaged in fabrication, machining, casting, forging, and galvanizing of machine parts. Operational in over 15 countries, it claims to serve over 100 customers across more than 25 industries in India, North America, Middle-East and South-East Asia.
Zetwerk’s annual financial report for FY20 also reflected a drastic improvement in its topline as well as EBITDA margin. The company had recorded more than 20X jump in its operating revenue from Rs 16.45 crore in FY19 to nearly Rs 322 crore in FY20. While its losses grew 6.5X to Rs 29.05 crore in FY20, it has managed to improve its EBITDA margin drastically from -25.23% in FY19 to -5.23% for the fiscal which ended in March 2020.