Zetwerk set to turn unicorn with $150-million funding

Mumbai: Zetwerk Manufacturing, a contract maker of consumer and capital goods, has raised $150 million in a Series E funding led by D1 Capital Partners, people with knowledge of the development said.

With this funding, the company is being valued at $1.5 billion, taking it to the Unicorn club, the people said.

Zetwerk on Friday filed a set of documents with the Registrar of Companies on raising $100 million. The company is expected to file the papers over the remaining $50 million funding by next week.


“Existing investors have also participated in the round and an early backer has partly cashed out," said a person with direct knowledge of the deal. “Almost half of the new funds have come from D1 Capital,” the person added.

The company will use the funds to beef up its team, invest in technology and expand its product portfolio.

This funding round comes six months after Zetwerk raised $120 million in Series D, led by US-based Greenoaks Capital and Lightspeed Venture Partners. That round in February had valued the company at around $600 million.

A Zetwerk spokesperson declined to comment. D1 Capital could not be immediately reached for comment.

Founded in 2018 by IIT alumni Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk helps small and medium enterprises translate their digital designs into physical products. It operates in more than 25 industry segments.

In July, in an interview to ET, chief executive Acharya said that the company had posted revenue of Rs 949 crore in fiscal 2021, three times the previous year. It expects to continue the growth momentum into the current financial year on the back of a Rs 4,500 crore of order book, he had said.

The company has entered new manufacturing categories such as consumer goods, apparel, defence and aerospace. Currently, around 90% of the business is from the Indian market. Acharya had said he expected this mix to change to 20-25% coming from the overseas market over the next 18-24 months.