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Zetwerk raises $20mn from Wheelhouse Venture Capital

Published 08-03-2024, 04:01 am
© Reuters.  Zetwerk raises $20mn from Wheelhouse Venture Capital

New Delhi, March 7 (IANS) Business-to-Business (B2B) manufacturing marketplace unicorn Zetwerk on Thursday announced that the company has raised funding of $20 million from IndiGo (NS:INGL) promoter Rakesh Gangwal through Wheelhouse Venture Capital. This is Wheelhouse Venture's first investment in the Bengaluru-based company.

"We are delighted to share that Rakesh Gangwal has invested $20 million in Zetwerk through Wheelhouse Venture Capital," Zetwerk said in a statement.

"Gangwal, with his extensive experience spanning several decades, brings invaluable insights into building businesses and iconic brands. His strategic guidance will be crucial in building Zetwerk into a generational company," it added.

In August 2021, Zetwerk raised approximately $150 million in funding from D1 Capital Partners, which made the company a unicorn with a valuation of $1.3 billion.

Zetwerk's latest funding round took place in March 2023, during which it secured around $12 million in debt capital from Edelweiss (NS:EDEL).

Continuing its growth trajectory, Zetwerk's gross merchandise value (GMV) increased 2.3X to Rs 11,448 crore in the last fiscal year, while its losses increased 81 per cent to Rs 109 crore in the same period (FY23). Zetwerk was founded in 2018 by Indian Institutes of Technology (IIT) alumni Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary with the aim of making it the go-to platform for the global manufacturing industry.

--IANS

shs/pgh

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