PE Fund Investments
B2B e-commerce unicorn Zetwerk raises $20-M from Wheelhouse Ventures
Bengaluru-based business-to-business (B2B) e-commerce unicorn Zetwerk has raised INR 166 crore (around USD 20 million) from Wheelhouse Venture Capital, promoted by Indigo Airline promoter Rakesh Gangwal, in its ongoing Series F funding round.Zetwerk is to allot 40,81,593 Series F2 CPPS (compulsorily convertible preference shares) at INR 407.39 each to raise INR 166.28 crore. The investor will receive a little less than 1% stake in Zetwerk, which has been valued at USD 2.8 Billion in the new round - slightly higher than the USD 2.7 Billion in its previous round of USD 120 million in October 2023.Greenoaks remains the largest stakeholder in Zetwerk with a 21.63% stake, followed by Peak XV partners and Lightspeed Ventures. The firm’s co-founders Srinath Ramakkrushnan and Amrit Acharya cumulatively command 15.56% of the company.Zetwerk partners with offline suppliers engaged in the fabrication, machining, casting, forging, and galvanising of machine parts. It claims to serve over 100 customers across more than 25 industries in India, North America and the Middle East. In FY23, Zetwerk’s GMV (gross revenue) surged 2.3x to INR 11,448 crore while its losses grew 81% to INR 109 crore.
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