The company's revenue from operations increased to Rs 949 crore in FY21 from Rs 360 crore in FY20. Losses narrowed to 2% of revenues against 8% in the year-ago period, the firm claimed.
Tech-based, B2B manufacturing platform Zetwerk is raising a fresh $105 million (Rs 782.75 crore) from a clutch of investors led by D1 Capital Partners, according to the company’s filings with the RoC made earlier this week.
The investment, part of the company’s Series E financial round, is also being backed by Lightspeed Venture Partners, Greenoaks Capital and Accel.
The total size of the round could be bigger and is estimated to be around $150 million, according to certain media reports. The fundraise is understood to be valuing the company at over $1 billion, adding it to the unicorn club.
Zetwerk did not respond to FE’s queries.
The latest funding comes a little over six months after the Bengaluru-based start-up raised about $120 million from investors at an estimated valuation of around $600 million. Founded in May 2018, Zetwerk runs a tech-backed global manufacturing network. The company is a partner to leading players in precision parts, capital goods and consumer goods categories and offers a full spectrum of manufacturing services ranging from custom-made components to mass production and supply chain management. It works with more than 2,000 suppliers and has made on-time execution and delivery of more than 1,000 projects in over 15 countries.
The company’s revenue from operations increased to Rs 949 crore in FY21 from Rs 360 crore in FY20. Losses narrowed to 2% of revenues against 8% in the year-ago period, the firm claimed.
Zetwerk is aiming to better its performance in the current financial year on the back of growing public and private spending across infrastructure, consumer durables, electronics, aerospace and renewable energy.
With the pandemic accelerating digital adoption, investor appetite for start-ups continues to remain high. India has added 25 unicorns so far this year.