Zetwerk becomes the latest startup to gain unicorn status in the South Asian market. Zetwerk is a Bangalore-based startup that operates a business-to-business marketplace for manufacturing items. The total valuation of the company has gone up to $1.33 billion. It was earlier valued between $600 million and $700 million after its Series D round.
The unicorn status is attained after its Series E financing round in which the startup raised $150 million. The round was led by D1 Capital Partners based in New York. Other investors include Greenoaks Capital, Lightspeed Venture Partners, Sequoia Capital, Accel Partners, and new partners Avenir and IIFL.
Zetwerk is a four-year-old startup and “connects OEMs (original equipment manufacturers) and EPC (engineering procurement construction) customers with manufacturing small-businesses and enterprises.” (TechCrunch) It has launched its services in the Southeast Asia and North American markets and claims considerable growth in its revenue. Jeremy Goldstein of D1 Capital Partners stated that Zetwerk was able to become a leading player in delivering apt manufacturing solutions and works towards the digital transformation of a “traditional industry”.
The funds collected will be used to expand its technology and to flourish in other international markets. Amrit Acharya, co-founder, and chief executive of Zetwerk said that his company is leading enterprises towards a shift that focus on digital manufacturing. He added that last year Zetwerk had helped over 100 western companies to move their supply chains to India.
Zetwerk becomes the 25th Indian startup to gain unicorn status this year. Investors are keenly observing the Indian market and making investments in the world’s second-largest internet market.