Zetwerk records Rs 17,564 cr GMV in 2023-24, valuation at $3.1 billion

Zetwerk raises $90 million in 2024, led by Khosla Ventures, Rakesh Gangwal, and Baillie Gifford, increasing its valuation to $3.1 billion

Zetwerk Manufacturing Businesses Pvt Ltd successfully raised nearly $90 million in 2024, increasing its valuation to $3.1 billion from $2.7 billion in its previous funding round in 2023.

 

The latest funding round was led by prominent investors, including IndiGo Airlines co-founder Rakesh Gangwal, Khosla Ventures, and UK-based Baillie Gifford, a new investor. Existing backers Greenoaks and Avenir Growth also participated. This investment will fuel Zetwerk’s growth in key business segments: Renewables, Consumer Electronics, and Aerospace.

 

“Every company that requires manufacturing capabilities is focused on making their supply chains more resilient and less prone to geopolitical risks,” said Jai Sajnani of Khosla Ventures.

 

“Zetwerk has quickly become a leading manufacturing marketplace, providing customers with global options across industries, from industrials and consumer electronics to aerospace and defence. We are excited to partner with Zetwerk in this next phase of global growth,” Sajnani added.

 

For the financial year ending March 31, 2024, Zetwerk reported a Gross Merchandise Value (GMV) of Rs 17,564 crore (Rs $2.10 billion), driven by strong company fundamentals and a well-executed diversification strategy.

 

Addressing manufacturing challenges

 

“The manufacturing sector has long faced challenges like time delays, budget overruns, quality issues, and limited supplier transparency. As global geopolitical shifts push countries to diversify supply chains, Zetwerk is positioning itself as a key partner for customers navigating this near-shoring and on-shoring landscape,” said Amrit Acharya, co-founder and CEO of Zetwerk Manufacturing.

 

Over the past five years, Zetwerk has developed a Build-to-Print engine, capable of handling designs of any complexity across industries. This engine, supported by Zetwerk OS—its proprietary manufacturing operating system—manages the entire execution cycle, including supplier selection, real-time tracking, seamless communication, and quality assurance.

 

“This software is critical for our customers’ success,” Acharya said. “A typical customer order involves six Zetwerk suppliers, over 100 designs, and a two-month fulfillment timeline. Additionally, Zetwerk manages 1,000 customer contracts simultaneously. Zetwerk OS enables us to handle this complexity with unparalleled transparency, mitigating cost overruns and ensuring significantly higher on-time delivery rates compared to traditional factory-based manufacturing.”

 

Expanding customer base and global reach

 

Zetwerk serves over 2,000 customers across India, North America, and Europe. Its customers prefer Zetwerk for its reliability, trust, and transparency in supply chain management. Repeat customers account for 80–85 per cent of its GMV, leveraging Zetwerk’s technology for faster lead times, improved quality, and better sourcing visibility.

 

In 2020-21, Zetwerk expanded its services beyond India, entering international markets like North America and adding Consumer business to its portfolio alongside Industrials. These strategic moves have provided strong long-term growth momentum.

 

In FY24, GMV from the Industrials segment—including Renewables and Precision Manufacturing—contributed 92 per cent to total GMV, while international markets accounted for 21 per cent of the business. The company secured orders worth Rs 12,839 crore (Rs $1.50 billion) at the group level as of September 30, 2024.