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 marks Wheelhouse Venture’s inaugural investment 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, raising Rs 166.28 crore or $20 million, as indicated by its regulatory filing sourced from the Registrar of Companies.
Zetwerk confirmed the development, stating that Rakesh Gangwal has strategically invested in the company through Wheelhouse Venture Capital. Gangwal is the co-founder of the airline company IndiGo.
As per insights from the startup data intelligence platform TheKredible, Zetwerk is now valued at $2.8 billion in the new round, slightly higher than the $2.7 billion reported in its previous round of $120 million, as exclusively reported by Entrackr in October 2023.
Following the latest funding, Wheelhouse acquired slightly less than a 1% stake in Zetwerk, while Greenoaks remained the largest stakeholder with 21.63%, followed by Peak XV Partners and Lightspeed. The co-founders, Srinath Ramakkrushnan and Amrit Acharya, collectively hold 15.56% of the company.
Zetwerk collaborates with offline suppliers engaged in the fabrication, machining, casting, forging, and galvanizing of machine parts. Operating in over 15 countries, the company claims to serve more than 100 customers across over 25 industries in India, North America, the Middle East, among others.
In the last fiscal year, Zetwerk’s GMV (gross revenue) experienced a 2.3X surge to Rs 11,448 crore, while its losses grew by 81% to Rs 109 crore in the same period (FY23).
In the B2B e-commerce sector, Zetwerk competes with Infra.Market, OfBusiness, and Moglix. OfBusiness emerged as the largest player in this space with Rs 15,342 crore in revenue and Rs 463 crore in profit, while Infra.Market’s gross revenue surged 90% to Rs 11,846 crore with Rs 155 crore in profit. Moglix reported Rs 4,595 crore in revenue and Rs 193 crore in losses in the last fiscal year.
