Bengalur-based B2B contract manufacturing marketplace Zetwerk has reportedly raised INR 100 Cr in debt funding from the likes of Edelweiss Group, along with one more fund and multiple high net-worth individuals (HNIs).
A Mint report citing sources noted that the debt was raised by issuing non-convertible debentures (NCDs) with around INR 83 Cr coming from Edelweiss Credit Plus Fund.
The report further added that the funding round was part of a syndicated round, with one more fund and several HNIs participating. However, while these participants chipped in the rest of the INR 17 Cr in the funding round, these were not named.
When reached out by Inc42, Zetwerk refused to comment on the matter.
The B2B marketplace’s move to raise debt comes ahead of a fresh equity round planned by the unicorn over the upcoming months. While the aforementioned sources told Mint that Edelweiss would also participate in the equity round, along with Crossover Opportunities Fund and others, the round size was not immediately clear.
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Zetwerk plans to use the incoming funding to build its capital market access, make fresh acquisitions, and grow the business further.
Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, and Vishal Chaudhary, Zetwerk has raised $650 Mn in funding to date. Zetwerk entered the unicorn club in September last year after raising $150 Mn in a round led by New York-based D1 Capital Partners. In December last year, it raised $210 Mn led by Green Oaks Capital.
About Zetwerk
The online marketplace connects large manufacturing companies with vendors and suppliers for customized products that are used as components of industrial machines and equipment. The company sells items like crane parts, doors, machine chassis, and ladders, as well as services businesses in fabrication, machining, casting, and forging.
Zetwerk provides both buyer’s and suppliers collaboration tools to streamline their interactions, execution tools to fulfill the orders effortlessly as well as plans to host a 3rd party apps and services marketplace to fulfill other customer needs. The company’s marketplace offers access to the capacity of a nationwide network of manufacturing facilities to get products manufactured for any budget or timelines, enabling businesses to procure custom products and machine parts and suppliers to obtain more orders and grow their revenues.