B2B e-commerce unicorn Zetwerk, for custom manufacturing, has raised $120 million in primary capital led by Avenir Growth Capital. The company has been valued at around $2.7 billion post allotment of the Series F2 round.
The Bengaluru-based startup‘s board has passed a special resolution to issue 2,37,29,324 Series F2 compulsory convertible preference shares at an issue price of Rs 407.4 per share to raise Rs 966.7 crore or $118 million, a regulatory filing with the Registrar of Companies indicated.
The company’s valuation has stayed flat, considering that it was last valued at around $2.68 billion when it raised $210 million led by Greenoaks in December 2021.
Zetwerk has raised a total of $674 million in funding to date. The latest round is the first equity investment for the Bengaluru-based company in 2023.
The latest round was led by Avenir Growth Capital pumping in around $75 million, followed by Footpath Venture with over $23 million, Greenoaks with just over $11 million, Di Capital Partners with around $5 million, Peak XV Partners at around $4 million, Lightspeed Ventures and Steadview Capital with around $1 million each.
Currently, Avenir Growth Capital holds 4.7% while Peak XV Partners, Lightspeed, and co-founder Amrit Acharya own 13.91%,11.72% and 7.95% stake respectively.
Founded by Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, three-year-old Zetwerk connects buyers and suppliers with small manufacturers that deal with tasks like fabrication, machining, casting, forging and galvanising of machine parts.
Operational in over 15 countries, it claims to serve over 100 customers across more than 25 industries in India, North America, Middle East and SEA region.
Its revenue from operations grew 6X to Rs 4,961 crore in FY22 from Rs 835 crore in FY21 while the losses for the company increased by 46.3% to Rs 60 crore in FY22.
Zetwerk is yet to file its financial statements for FY23.