Zetwerk Nets $20 Mn From Rakesh Gangwal-Led Wheelhouse Venture Capital

B2B ecommerce unicorn Zetwerk has raised $20 Mn (around INR 166 Cr) as a part of its Series F funding round from Indigo promoter Rakesh Gangwal-led Wheelhouse Venture Capital. 

Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk is a manufacturing services platform, which connects manufacturing companies with vendors and suppliers for customised products, industrial machine components and other equipment. 

The startup announced its foray into IT hardware and electric vehicle (EV) component manufacturing in September last year. According to media reports, Zetwerk has set aside INR 1,000 Cr ($122 Mn) to invest in electronics manufacturing. To be sure, the startup is already manufacturing consumer electronics, including audio devices, TVs and smartwatches, among others.

The company said in a statement that Gangwal’s strategic guidance will help in building Zetwerk into a generational company.

In October, the startup raised $120 Mn in a Series F funding round led by Avenir Growth Capital. It had also secured a debt of INR 100 Cr last year.

Zetwerk’s fresh funding comes at a time when its operating revenue grew by nearly 130% to INR 11,449 Cr in FY23 from INR 4,960.5 Cr in the previous fiscal year, according to a report by Moneycontrol. 

A similar upturn in fortunes can also be observed among Zetwerk’s rivals, including Infra.Market, Moglix and OfBusiness. In the same fiscal, Infra.Market also reported a healthy 90% uptick in its operating revenue of INR 11,846.5 Cr. Similarly, Moglix also recorded a jump of almost 83% in its operating revenue which stood at INR 4,664.7 Cr.