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B2B E-commerce Giant Zetwerk Secures $20 Million from Wheelhouse Venture Capital

Business-to-business (B2B) e-commerce platform Zetwerk has secured Rs 166 crore ($20 million) in its ongoing Series F funding round. This marks the first investment in Zetwerk by Wheelhouse Venture Capital, led by Rakesh Gangwal, co-founder of IndiGo airlines.


Founded in Bengaluru, Zetwerk connects manufacturers with a network of offline suppliers for various industrial processes, including fabrication, machining, casting, forging, and galvanizing. Currently operational in over 15 countries, Zetwerk serves over 100 customers across more than 25 industries in India, North America, and the Middle East and Africa (MEA) region.


The funding round propels Zetwerk's valuation to $2.8 billion, slightly exceeding the $2.7 billion valuation in their previous $120 million round. Following this investment, Wheelhouse holds a slightly less than 1% stake in Zetwerk, while existing investor Greenoaks remains the largest shareholder with 21.63%.


Zetwerk's recent funding reflects its continued growth trajectory. In the last fiscal year, the company's Gross Merchandise Value (GMV) witnessed a significant 2.3x increase to Rs 11,448 crore. However, their losses also grew by 81% to Rs 109 crore during the same period.


In the competitive B2B e-commerce landscape, Zetwerk faces competition from players like Infra.Market, OfBusiness, and Moglix. Among these, OfBusiness currently holds the top position with a revenue of Rs 15,342 crore and a profit of Rs 463 crore, followed by Infra.Market with a gross revenue of Rs 11,846 crore and a profit of Rs 155 crore. Moglix reported a revenue of Rs 4,595 crore and a loss of Rs 193 crore in the last fiscal year.



 

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