Zetwerk raises $150 million in a Series E funding round led by D1 Capital Partners, according to PTI report.
The funding round also saw the participation of new investors Avenir and IIFL Group, as well as existing backers Greenoaks Capital, Lightspeed Venture Partners, Sequoia and Accel, cofounder and chief executive Amrit Acharya said. Zetwerk’s valuation now stands at $1.33 billion.
The company now plans to expand its manufacturing business overseas in industries such as oil and gas, aviation, and consumer products. It has started operations in North America and Singapore and will expand to the Middle East and Europe in the next 6-12 months.
Founded in 2018 by IIT alumni Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk helps small and medium enterprises translate their digital designs into physical products. About 85% of the company’s business is industry-focused, which is serving sectors like oil and gas, infrastructure, real estate, auto components and medical devices. It has an order book of around $670 million and is looking to increase revenue by fourfold to around $480 million during the current fiscal.
“We are around 500 people now. We used to be around 300 in January 2021. We will add more people in R&D, marketing and sales for international growth. We will touch somewhere between 800-1,000 people in the next six months,” Acharya said. The company’s main focus remains on software development for manufacturing and will look for expanding R&D team accordingly, he added.
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