Private Equity

PE Fund Investments

Manufacturing services provider Zetwerk raises over $100-M from Avenir

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US-based Avenir Growth Capital (through AZK4 LLC) is acquiring an additional 2.96% stake in Bengaluru-based Zetwerk Manufacturing Businesses Pvt Ltd, through a primary infusion of about USD 100 million and also through a secondary purchase from other existing investors. The deal provides Zetwerk with an enterprise valuation of USD 2.1 Billion, similar to that in its previous round in December 2021. Zetwerk offers manufacturing services to sectors such as consumer goods, apparel, defence, space and aerospace.

From the Venture Intelligence PE-VC Deal Database: Between Aug-18 and Mar-23, Zetwerk had raised over USD 500 M from Edelweiss Private Equity, BlackSoil Capital, Lightspeed Ventures, IIFL AMC, Steadview Capital, Greenoaks Capital, D1 Capital Partners, Mars Growth Capital, Sequoia Capital India, Kae Capital, Accel India, others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.) From the Venture Intelligence Private Company Financials Database: Zetwerk reported an operating income of INR 4,961 crore and an Net Loss of around INR 60 crore for iFY22. (Subscribers to the database can login to view the detailed financials.)