Mumbai: Zetwerk Manufacturing, a contract manufacturer of consumer and capital goods, has raised $ 150 million in Series E funding led by D1 Capital Partners, people with knowledge of the development said.
With that funding, the company is valued at $ 1.5 billion and brings it to the Unicorn Club, people said.
Zetwerk filed a series of documents with the Registrar of Companies on Friday regarding the $ 100 million raise. The company is expected to file papers for the remaining $ 50 million by next week.
“Existing investors also took part in the round and an early donor has partially paid off,” said a person with direct knowledge of the deal. “Almost half of the new funding comes from D1 Capital,” added the person.
The company uses the funds to strengthen its team, invest in technology and expand its product portfolio.
This funding round comes six months after Zetwerk raised $ 120 million in the Series D, led by US-based Greenoaks Capital and Lightspeed Venture Partners. The company had estimated that February round at around $ 600 million.
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Zetwerk is India’s youngest multi-billion dollar startup after a $ 150 million financing round. Microsoft invested in Oravel Stays prior to Oyo going public.
A Zetwerk spokesman declined to comment. D1 Capital was not immediately available for comment.
Zetwerk was founded in 2018 by IIT alumni Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary and helps small and medium-sized businesses translate their digital designs into physical products. It operates in more than 25 industry segments.
In July, CEO Acharya said in an interview with ET that the company had sales of Rs 949 billion in fiscal year 2021, three times the year before. It expects the growth momentum to continue in the current fiscal year with an order backlog of Rs 4,500 billion, he said.
The company has moved into new manufacturing categories such as consumer products, apparel, defense, and aerospace. Around 90% of the business currently comes from the Indian market. Acharya had said he expected this mix to change to 20-25% from the overseas market in the next 18-24 months.