India-based Zetwerk finished its second large funding round for 2021, netting $150 million from its recent Series E round, according to a report from The Economic Times. D1 Capital Partners led the funding round, with participation from current investors, Greenoaks Capital, Lightspeed Venture Partners, Sequoia and Accel.
The most recent funding follows a February round which raised $120 million for the company, which connects original equipment manufacturers and engineering procurement construction companies with small and medium-sized businesses in the manufacturing space, according to PYMNTS.
Read more: B2B Marketplaces Attract New VC Funds
Prior to that, amid the pandemic and during a time when other B2B organizations saw a lull in venture capital contributions, Zetwerk raised $21 million for its eCommerce platform, according to PYMNTS. The company had said that funding round would be earmarked to scale operations across the country and help other Indian businesses connect to partners across borders.
The most recent funding round will be used to broaden the company’s reach globally and expand its technology. The multimillion-dollar funding rounds have propelled Zetwerk’s valuation to $1.33 billion, according to The Economic Times. At that rate, Zetwerk joined the coveted ranks of unicorn, a category reserved for privately held companies with a valuation higher than $1 billion. Earlier this month, Indian digital payments startup BharatPe became one of the nearly 800 unicorn companies worldwide, according to PYMNTS.
Zetwerk was founded by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary in 2018. Each month the company sells more than 15,000 items, such as crane parts, doors, machine chassis and ladders, according to PYMNTS. Zetwerk also services businesses in fabrication, machining, casting and forging as well as helps manufacturers in India find customers overseas. Manufacturers use the Zetwerk platform to export their goods to North America and Southeast Asia.