Lightspeed co-leads $120m series D round in Indian manufacturing tech firm

India’s Zetwerk, a manufacturing, production, and supply chain firm, said it raised US$120 million in a series D round led by US-based Greenoaks Capital and Lightspeed Venture Partners.

Sequoia Capital India and Kae Capital also participated in the round, according to a statement. The investment brings the company’s total raised funds to US$193 million, coming after Zetwerk’s US$21 million series C round in July last year.

Zetwerk’s management team / Photo credit: Zetwerk

Founded in 2018, Zetwerk taps on a global network of plants that enables it to offer a wide range of manufacturing and production processes, materials, and capacities. It also offers a management platform for communicating project status, as well as stock and management services through its local warehouses.

Since its founding, the company said it has established partnerships in three key segments: precision parts, capital goods, and consumer goods. These help Zetwerk serve a diverse range of categories, including infrastructure, aerospace, and electric vehicles.

Zetwerk said it plans to use the fresh funds to bolster its tech capabilities and continue its expansion into new categories and regions.

“The global manufacturing industry has had to swiftly adjust to the new normal, and digital solutions have become essential,” said Zetwerk CEO and co-founder Amrit Acharya. The company claims it saw a 3x year-on-year growth in 2020 despite the impact of the Covid-19 pandemic.

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“2021 will see further pace of growth as companies seek to diversify their procurement to minimize disruptions and become more agile and resilient,” Acharya added.