Zetwerk closes $32m Series B round

Indian business-to-business manufacturing marketplace Zetwerk to boost international trade with its new capital injection.

The startup has attracted $32m worth of money through its Series B funding round, led by venture capital firms Lightspeed Venture Partners and Greenoaks Capital, TechCrunch reported.

Lightspeed recently co-led cybersecurity company Arceo.ai’s $37m round together with Founders Fund.

Other investors participating in the round included existing investors Accel, Sequoia India and Kae Capital.

Amrit Acharya, co-founder and CEO of Zetwerk, told TechCrunch that the company has also raised roughly $14.2m in debt through a consortium of banks.

Zetwerk will use the capital injection to grow their Indian presence and to empower more manufacturers to export to North America and Southeast Asia.

At the look of it, it could seem as if India’s FinTech sector is slowing down. This is mostly due to 2017 seeing a massive $6.8bn being invested into the country’s ecosystem, compared to the $1.8bn injected in 2018.

However, FinTech Global’s data shows that 2017 was the anomaly caused by payments and remittances company Flipkart raising a huge $4bn across five deals that year. Every other year from 2014 to 2018 have seen FinTech investment levels in the country sit comfortably around $2bn.

Although, if one were to be optimistic, 2019 could see the numbers grow again, as the region had already attracted $2.3bn in investment after the first nine months of the year.

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