Zetwork set to become India’s youngest billion-dollar startup
The company is expected to file the paper for another USD 50 million over the next few days
On 20th August 2021, it was reported that Zetwork is set become India’s 25th billion-dollar startup or Unicorn of 2021 after it raised around USD 150 million in recent round of funding from investors incluing D1 Capital Partners, Sequoia and Accel Partners.
According to latest regulatory filings from the company, it secured more than USD 100 million in its Series E funding. D1 Capitals invested USD 50 million followed by Green Oaks with USD 32 million and Lightspeed with USD 22.5 million. Others investors include Avenir, Sequoia Capital, Accel and angel investors such as Kunal Shah and Ritesh Aggarwal. The company is expected to file the paper for another USD 50 million over the next few days.
Series E funding round has come 6 months after company’s Series D funding round. Zetwork raised around USD 120 million in its Series D funding led by US-based Greenoaks Capital and Lightspeed Venture Partners. After the Series D funding round, Zetwork was valued at round USD 600 million.
In an interview in July, Amrit Acharya, chief executive officer of Zetwork said that the company posted a revenue of around USD 1.27 billion in the last year, almost three times more than the revenue in year before. Mr. Acharya further added that the company is expecting to continue the growth momentum into the current financial year on the back of more than USD 6 billion worth of orders booked.
The latest round of funding has allowed Zetwork to enter the coveted club of unicorns and be the 25th start-up to achieve the unicorn status in ongoing calander year. Ealier this week, Grofers achieved the unicorn status after raising USD 100 million from Zomato. Out of 25 unicorn start-ups in 2021, four companies have joined the list from the B2B e-commerce space including OfBusiness, Moglix, Zetwerk and Infra.Market.
Zetwork is a supply chain start-up and was founded in 2017 by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, and has gone on to become the youngest unicorn start-up in India. The company connects global companies with manufacturing partners in India and Southeast Asia with operations in more than 15 countries across multiple industries including aerospace, automotive, oil & gas, energy, cement, steel, sugar, infrastructure, material handling, and many more.
