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Indian ‘Operating System for Manufacturing’ Raises $120 Million

While the Covid-19 pandemic hit manufacturers with a wave of challenges last year, Zetwerk took advantage of the period, growing threefold year-on-year and kicking off an international expansion.

These successes appear to have driven investor interest in the global manufacturing platform. Following a $21 million Series C round in July, Zetwerk announced Tuesday that it has raised $120 million in Series D funding. The amount brings the India-based company’s total equity capital raised to $193 million.

U.S.-based Greenoaks Capital and Lightspeed Venture Partners led this most recent round. Sequoia Capital India and Kae Capital also participated.

“Zetwerk’s operating system for manufacturing has digitized multiple supply chains end-to-end, ensuring on-time delivery and high-quality standards,” Neil Shah, partner at Greenoaks Capital, said in a statement. “This has led to rapid growth in India and internationally, with the potential to quickly become one of the most important manufacturing platforms globally.”

Zetwork said it plans to use its latest influx of money to further strengthen its technology 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,” co-founding CEO Amrit Acharya said in a statement. “Zetwerk accelerates this digital transformation with state-of-the-art productivity tools and remote project management. 2021 will see further pace of growth as companies seek to diversify their procurement to minimize disruptions and become more agile and resilient.”

Today, Zetwork says its network includes more than 250 customers and more than 2,000 suppliers across North America, Asia-Pacific and the Middle East. The company operates in more than 25 industries, including apparel, luxury goods, renewables, consumer electronics, automotive and aerospace.

“We were amazed by the customer centricity and anti-fragility of the Zetwerk network,” Vaibhav Agrawal, a partner at Lightspeed, said in a statement. “Zetwerk showed up as a real dependable partner to its buyers and suppliers, often stepping up to help in moments of vulnerability—especially during the Covid-induced lockdowns. The Zetwerk supply chain has emerged leaner, faster, stronger on multiple fronts post-Covid, and it is a great example of an antifragile system.”