ZETWERK Manufacturing Businesses has raised close to $90 million in 2024 in a funding round led by investors Rakesh Gangwal and Khosla Ventures, valuing the company at $3.1 billion. It also achieved a Gross Merchandise Value (GMV) of ₹17,564 crore or around $2.10 billion for the year ended March 31, 2024.
Additionally, UK-based Baillie Gifford joined as a new investor, while existing backers Greenoaks and Avenir Growth also participated. According to the company, this significant investment will fuel ZETWERK’s expansion in its core business areas: Renewables, Consumer Electronics, and Aerospace.
“Every company that needs manufacturing capabilities is focused on making their supply chains more resilient and less prone to geopolitical risk. ZETWERK has quickly become a leading manufacturing marketplace that gives customers options around the world to build in any arena from industrials and consumer electronics to aerospace and defense. We are excited to partner with ZETWERK in this next phase of global growth,” said Jai Sajnani of Khosla Ventures.
In 2020-21, the company diversified its services beyond India and ventured into international markets like North America. It also added Consumer business to its portfolio in addition to the Industrials segment. These strategic decisions have provided long-term tailwinds for its global growth, ZETWERK said.
GMV from the Industrials segment, including Renewables and Precision Manufacturing, contributed 92 percent to the total GMV. The International GMV accounted for 21 percent of the business. It secured orders worth ₹12,839 crore or $1.51 billion at the group level until 30 September this year.
The company said it has delivered around $5 billion of lifetime GMV since 2018, which includes the delivery of over 100 million globally manufactured items.
ZETWERK claims to have emerged as a go-to manufacturing partner to over 2,000 customers in India, North America, and Europe. It services these customers through over 10,000 suppliers across India, the US, Vietnam, and Mexico. 20 percent of the company’s supply is located outside India, enabling it to meet global customer demand from suppliers globally.
80-85 percent of ZETWERK’s GMV has come on the back of increased spending from repeat customers who use ZETWERK’s technology and supply chain.
In FY24, ZETWERK’s open order book stood at ₹12,839 crore or around $1.50 billion. It recorded ₹191 crore or $22.50 million of adjusted EBITDA from operations.
“The manufacturing sector has long grappled with challenges like time delays, budget overruns, quality issues, and limited supplier transparency. These persistent issues have significantly impacted production timelines. Now, as countries strive to diversify their supply chains in response to global geo-political shifts, a new layer of complexity has been added. ZETWERK is rapidly positioning itself as a key partner for global customers seeking to navigate this near-shoring/on-shoring landscape,” said Amrit Acharya, Co-founder and CEO, of ZETWERK Manufacturing.
ZETWERK said it has helped its customers build trains, wind turbines, solar plants, airports, bridges, planes, phones, and TVs, among others.
