Zetwerk Secures USD 20 Mn from Indigo Co-founder Rakesh Gangwal Through his investment firm Wheelhouse Venture Capital, Indigo Co-founder Rakesh Gangwal has infused money to Zetwerk.
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Bengaluru-based B2B contract manufacturing startup Zetwerk has announced the raising of USD 20 million from Rakesh Gangwal, Co-founder of airline company Indigo, through his investment firm Wheelhouse Venture Capital.
"We are delighted to share that Mr Rakesh Gangwal has invested USD 20 million in Zetwerk through Wheelhouse Venture Capital. Mr Gangwal, with his extensive experience spanning several decades, brings invaluable insights into building businesses and iconic brands. His strategic guidance will be crucial in building Zetwerk into a generational company," the company said in a statement.
Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Vishal Chaudhary and Rahul Sharma, Zetwerk offers a managed marketplace that provides contract manufacturing services to industrial and consumer firms. In addition to solar and renewable energy, it works in a variety of industries such as oil and gas, renewables, aerospace, infrastructure, apparel, electronics, and retail.
It collaborates with offline vendors that produce machine parts through casting, forging, machining, and galvanising. With operations in more than 15 nations, it claims to provide services to more than 100 clients in over 25 sectors in MEA, North America, India, and other regions.
In 2022, it acquired four businesses, the most recent being Unimacts, a US-based company, for $39 million.
In 2021, the startup became a unicorn, and it is currently valued at about USD 2.7 billion. Peak XV Partners, Lightspeed, and Green Oaks Capital are among its key investors.
