Zetwerk, an Indian B2B market for item manufacturing, has raised $ 21 million in a new round of financing as it seeks to expand its operations in the country and help local businesses find customers abroad.
San Francisco-based investment firm Greenoaks led the two-year Indian startup C-series funding cycle. Accel existing investors, Kae Capital, Lightspeed and Sequoia Capital India also participated in the round, bringing Zetwerk’s raise to date to $ 62 million.
Founded by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary in 2018, Zetwerk connects OEM (original equipment manufacturers) and EPC (construction engineering supply) customers to small and medium-sized enterprises and manufacturing companies. .
Unlike most typical e-commerce companies, Zetwerk sells goods such as crane parts, doors, chassis for various machines and ladders. The startup operates to serve customers in manufacturing, machining, foundry and forging companies.
These are all custom products. “No one has stock of such stocks. You get the order, you find manufacturers and workshops that make them. Our customers are companies that are dedicated to building infrastructure, ”said Acharya, CEO of Zetwerk.
“We index these small workshops and understand the types of products they have made before. These clues help large companies to discover and work with them, ”he added. Once a company has placed an order, Zetwerk allows them to follow the progress of manufacturing and its shipment. In this sector of activity, this “handling” is crucial, since the manufacturing and shipping of these items generally take more than two to three months.
Currently, Zetwerk works with more than 150 companies and 2,500 small and medium-sized businesses, he told TipsClear. The startup delivers more than 30,000 pieces per month, up 100% since December of last year, and has enabled several Indian manufacturers to discover customers abroad.
“Zetwerk brings Indian manufacturing to the world stage, and I am proud to be part of their history,” said Prayank Swaroop of Accel.
Zetwerk has developed “unique software to enable a huge global manufacturing market to connect OEMs and EPCs to industrial suppliers,” said Neil Shah of Greenoaks Capital.
“Companies are increasingly looking to diversify their global supply chain and the Zetwerk platform allows them to identify and collaborate with supplier partners to deliver projects on time and in high quality . We are delighted to continue working in partnership with the Zetwerk team, ”he said.
Manufacturing contributes 14% to India’s GDP, but the nation does not have a support ecosystem to execute projects more efficiently, said Acharya. The startup will deploy the new capital to finance its international expansion and launch new categories, he said.
Commenting on how the coronavirus pandemic has impacted Zetwerk, Acharya told TipsClear that the startup operates in several sectors, some of which are still growing. “Overall, we are doing well,” he said.