Accel-backed Zetwerk is now valued at $3 billion, compared to $2.7 billion in its last round in 2023.
It will likely use the funds to scale its priority business areas, which include renewables, consumer electronics and aerospace, and expand into other geographies, sources said. The renewable energy business accounts for 40% of the company’s revenue, they added.
According to sources, the company is in talks with investment bankers for an initial public offering (IPO) in the next financial year and is attracting long-term investors to its captable before going public.
An email sent to the company did not elicit any response.
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The company competes with the likes of Tiger Global-backed OfBusiness, Mars Unicorn Fund-backed Infra.Market and Alpha Wave Global-backed Moglix. News website Entrackr first reported about the new funding.
Founded in 2018 by IIT alumni Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk operates as a managed marketplace for contract manufacturing. It partners with industrial and consumer businesses to get their products manufactured through a global network of small-scale manufacturers.
The company, which has been catering to industries such as automotive, aerospace and defense, expanded into the IT hardware business with laptop production last year.
Zetwerk operates in North America, Southeast Asia, Australia, New Zealand and the Middle East. According to its website, the company has over 1800 active customers.
On March 8, ET reported that the company is looking to make an entry into manufacturing components for electric vehicle (EV) makers.
Zetwerk is yet to file its financial statements for FY24 with the Registrar of Companies. According to sources, the company’s revenue during the year was Rs 15,000 crore, up from Rs 11,500 crore in the previous year.
