Bengaluru-primarily based production services platform Zetwerk has raised $2.2 Mn (INR 16 Cr) in a fresh investment spherical from InnoVen Capital.

Prior to this spherical in December 2019, Zetwerk raised $32 Mn in its equity Series B investment spherical from new investors Lightspeed and Greenoaks Capital in addition to current investors Sequoia India, Accel and Kae Capital. Along with this, the organisation had raised INR a hundred Cr ($14.1 Mn) debt investment from a consortium of banks and non-banking financing corporations.

Amrit Acharya, chief government officer of Zetwerk, reportedly stated that the organisation is focussed on deepening tech and production capabilities, and widening supplier base.

Founded in 2018 through Amrit Acharya, Srinath Ramakkrushnan, and Vishal Chaudhary, Zetwerk is a B2B market startup that connects big production corporations with companies and providers for customised merchandise which can be used as additives of commercial machines and equipment.

On the demand side, the startup works with mid-to-big OEM corporations from India and Southeast Asia, who require procurement of custom merchandise and machine elements which aren’t available off-the-shelf in the marketplace.

In phrases of supply, manufacturing small and medium companies (SMEs) like Bharat Wires, RN fabricators, and GM Engineers across more than one categories (like fabrication, machining, casting, forging, etc) meet the demand. The organisation expenses a percent fee from the transactions it facilitates.

Zetwerk presently claims to have 1,500 SMEs and a hundred companies on its platform. “This is a massive addressable market, with great potential to organize the space and offer more efficient solutions to OEMs & EPCs for custom engineering jobs,” stated Ashish Sharma, CEO of InnoVen Capital India.

B2B is seen as the subsequent big region of innovation, in particular with many models yet to be explored. According to the consultancy corporation Zinnov, B2B startups had been simply 26% of the entire startups in India in 2014, however in under 5 years, they comprised 43% of the whole in 2018.

With no large participant directly working in the custom manufacturing space, that’s predicted to be a $40 Bn market in India, Zetwerk competes with different B2B ecommerce marketplaces which includes IndustryBuying, Moglix, IndiaMART etc.