Zetwerk, a manufacturing services startup has become the latest entrant in the unicorn club this year by raising $150 million in a series E funding led by Sequoia Capital, Kae Capital and D1 Capital Partners. The company is now being valued at $1.5 billion, and will use the funds to grow its team, invest in technology and expand its product portfolio.
About six months ago, Zetwerk raised $120 million in series D, led by US-based GreenOaks Capital and Lightspeed Venture partners. At that time the company was valued at around $600 million.
The Economic times reported that existing investors have also participated in the round and an early backer has partly cashed out.
The company which was started in 2018, specialises in helping small and medium enterprises translate their digital designs into physical products. It operates in more than 25 industry segments.
Zetwerk has entered new manufacturing categories such as consumer goods, apparel, defense and aerospace. At present, 90% of its business comes from the Indian market. The publication had reported that the company is expecting this mix to change, as 20-25% of its business would be coming from the overseas market in the next two years.
In July, the publication reported that the company had posted a revenue of Rs 949 crore in fiscal 2021, three times that of the previous year. It expects to continue the growth momentum in the current financial year on the back of Rs 4,500 crore of order book.
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