Contract manufacturing startup Zetwerk, led by Khosla Ventures and IndiGo Airlines co-founder Rakesh Gangwal, has raised $70 million in its latest funding round at a valuation of $3.1 billion.
Other investors in this round included Baillie Gifford, Greenocks and Avenir Growth.
Zetwerk previously raised $20 million in March 2024, bringing its total raised for the year to $90 million.
The company will use the investment to expand into its core business areas—renewables, consumer electronics, and aerospace.
Unicorn has raised $740 million since its inception in 2018, according to Tracxn.
Zetwerk also noted that its gross merchandise value (GMV) increased to Rs 17,564 crore for the financial year 2023-24. It registered an adjusted EBITDA of Rs 191 crore. The company has an order book of Rs 12,839 crore.
Zetwerk co-founder and CEO Amrit Acharya said in a statement, “The manufacturing sector has long faced challenges such as time delays, budget overruns, quality issues, and limited supplier transparency. These persistent issues have had a significant impact on production timelines. Now, countries worldwide Trying to diversify your supply chain in response to geopolitical changes adds a new layer of complexity.”
He said Zetwerk is positioned as a key partner for global customers looking to navigate the near-shore or on-shoring landscape.
The startup has more than 2,000 customers across India, North America and Europe. Zetwerk built its GMV from the industrial sector, which includes renewable energy and precision manufacturing, which contributes 92% of the total. International GMV accounts for 21% of the business.
“Zetwerk has quickly become a leading product marketplace that offers customers options for manufacturing in any sector, from industrial and consumer electronics to aerospace and defense,” said Jay Sajnani of Khosla Ventures.