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Indigo cofounder Rakesh Gangwal invests $20 million in Zetwerk via Wheelhouse Venture Capital

Economic TimesEconomic Times · 1y ago
Indigo cofounder Rakesh Gangwal invests $20 million in Zetwerk via Wheelhouse Venture Capital
Medial

Bangalore-based contract manufacturing startup Zetwerk has secured $20 million in fresh investments from venture debt and private equity firm Wheelhouse Venture Capital, with funding coming from Indigo Airlines' co-founder Rakesh Gangwal. Zetwerk is a managed marketplace that connects industrial and consumer enterprises with a global network of manufacturers. The company plans to expand its presence in the consumer electronics sector and invest over INR 1,000 crore ($134 million) in the next three years. Zetwerk aims to enter the electric vehicle components manufacturing industry and is planning to establish three new manufacturing facilities in south India.

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Exclusive: Zetwerk raises $20 Mn from Wheelhouse Ventures

EntrackrEntrackr · 1y ago
Exclusive: Zetwerk raises $20 Mn from Wheelhouse Ventures
Medial

Business-to-business e-commerce unicorn Zetwerk has raised Rs 166 crore or $20 million from Wheelhouse Venture Capital in the ongoing Series F funding round. This is the maiden investment for Wheelhouse Venture in the Bengaluru-based firm. The board at Zetwerk has passed a special resolution to allot 40,81,593 Series F2 CPPS at an issue price of Rs 407.39 each to raise Rs 166.28 crore or $20 million, its regulatory filing sourced from the Registrar of Companies shows. As per startup data intelligence platform TheKredible, the firm has been valued at $2.8 billion in the new round, slightly higher than the $2.7 billion reported in its previous round of $120 million. Entrackr had exclusively reported the development in October 2023. Following the fresh proceeds, Wheelhouse got a little less than 1% stake in Zetwerk while Greenoaks remained the largest stakeholder with 21.63% followed by Peak XV partners and Lighspped. Its co-founders Srinath Ramakkrushnan and Amrit Acharya cumulatively command 15.56% of the company. Head to TheKredible for the complete cap table. Zetwerk partners with offline suppliers engaged in the fabrication, machining, casting, forging, and galvanizing of machine parts. Operational in over 15 countries, it claims to serve over 100 customers across more than 25 industries in India, North America, MEA, et al. Continuing its growth trajectory in the last fiscal year, Zetwerk’s GMV (gross revenue) surged 2.3X to Rs 11,448 crore while its losses grew 81% to Rs 109 crore in the same period (FY23).

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