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Exclusive: Zetwerk raises $120 Mn at flat valuation


Business to business e-commerce unicorn Zetwerk for custom manufacturing has raised $120 million led by Avenir Growth Capital but its valuation remained flat in Series F financing round. This is the first equity investment for the Bengaluru-based company in 2023.

The board at Zetwerk has passed a special resolution to issue 2,37,29,324 Series F2 compulsory convertible preference shares at an issue price of Rs 407.4 per share to raise Rs 966.7 crore or $118 million, regulatory filing with the Registrar of Companies shows.

Avenir Growth Capital led the round with Rs 617 crore or $75.2 million while Footpath Ventures pumped in Rs 193 crore or $23.5 million. The round also saw the participation of Greenoaks Capital, Steadview Capital, D1 Capital, and Lightspeed which cumulatively poured Rs 156 crore during the round.

As per TheKredible’s estimate, the company has been valued at around $2.7 billion post allotment of the Series F2 round. Zetwerk was valued at around $2.68 billion when it raised $210 million led by Greenoaks in December 2021. Zetwerk has raised $674 million in funding to date.

At present, Avenir Growth Capital holds 4.7% while Lightspeed, Peak XV Partners, and one of its co-founders Amrit Acharya own 11.72%, 13.91%, and 7.95% stake respectively. Check TheKredible to see Zetwerk’s detailed captable.


Founded by Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary, three-year-old Zetwerk connects buyers and suppliers for manufacturing jobs. The firm partners with offline suppliers engaged in the 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 SEA region.

Zetwerk is yet to file its financial statements for FY23. Its revenue from operations grew 6X to Rs 4,961 crore in FY22 from Rs 835 crore in FY21 while the losses for the company increased only 46.3% to Rs 60 crore in FY22.

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