Bengaluru-based B2B contract manufacturing startup, Zetwerk, has secured a significant investment of $20 million from Rakesh Gangwal, Co-founder of India’s prominent airline company, Indigo. The investment was made through Gangwal’s investment firm, Wheelhouse Venture Capital.
A statement released by Zetwerk expressed delight over Gangwal’s investment, highlighting his extensive experience and invaluable insights into business and brand building.
The company emphasized Gangwal’s strategic guidance as crucial in elevating Zetwerk into a generational entity.
Established in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, and Rahul Sharma, Zetwerk operates as a managed marketplace, serving industrial and consumer enterprises in contract manufacturing.
Its clientele spans diverse sectors such as oil and gas, renewables, aerospace, infrastructure, apparel, electronics, retail, as well as solar and renewable energy.
Having attained unicorn status in 2021, Zetwerk currently boasts a valuation of approximately $2.7 billion. Among its key investors are Green Oaks Capital, Lightspeed, and Peak XV Partners.
The company reported a significant revenue surge, reaching Rs 11,448 crore for FY23, marking a remarkable year-on-year growth of 130%. However, its losses also increased during this period, touching Rs 108.7 crore, representing an 82% rise.
Zetwerk’s footprint extends beyond India, with operations in Singapore, the US, and the Middle East. In a bid to strengthen its position in the market, the company made four acquisitions in 2022, the latest being the US-based Unimacts, acquired for $39 million.
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