TLDR:
- Zetwerk, a contract manufacturing startup, raised $20 million from venture debt and private equity firm Wheelhouse Venture Capital, with investment from Indigo cofounder Rakesh Gangwal.
- Zetwerk is a managed marketplace for contract manufacturing that partners with industrial and consumer enterprises globally.
Zetwerk, founded in 2018, secured a $20 million investment from Wheelhouse Venture Capital and Indigo cofounder Rakesh Gangwal, who made the investment through the venture firm. The company is a managed marketplace for contract manufacturing, working with industrial and consumer enterprises to manufacture products through a network of small manufacturers worldwide. Zetwerk serves industries such as automotive, aerospace, and defense and expanded into the IT hardware business, producing laptops last year. The company plans to enter the electric vehicle (EV) component manufacturing sector and invest over Rs 1,000 crore in consumer electronics in the next three years, focusing on wearables, hearables, and televisions. Additionally, Zetwerk, which achieved unicorn status in 2021, is expanding manufacturing facilities beyond north India.
The company reported widening losses in FY23 to Rs 108.7 crore, despite more than doubling revenue from operations to Rs 11,448.6 crore from the previous year. The investment from Gangwal and Wheelhouse Venture Capital is expected to support Zetwerk’s expansion and growth plans in contract manufacturing and beyond.
