IndiGo promoter Rakesh Gangwal invests $20 million in B2B unicorn Zetwerk

Rakesh Gangwal, promoter of Indigo

IndiGo promoter Rakesh Gangwal has invested $20 million in the Business-to-Business (B2B) manufacturing marketplace unicorn Zetwerk through Wheelhouse Venture Capital and with that, he joins as a financial investor of the firm.

This comes when several investors are betting big on manufacturing tech startups.

“We are delighted to share that Mr Rakesh Gangwal has invested 20 million USD in Zetwerk through Wheelhouse Venture Capital. Mr Gangwal, with his extensive experience spanning several decades, brings invaluable insights into building businesses and iconic brands. His strategic guidance will be crucial in building Zetwerk into a generational company," Zetwerk said in a company statement on March 7th.

In August 2021, Zetwerk raised around $150 million in funding from D1 Capital Partners. This made the company a unicorn, with a valuation of $1.3 billion. Zetwerk's most recent funding round was in March 2023, when it raised around $12 million in debt capital from Edelweiss.

According to sources, the company is presently valued at $2.8 billion.

The Bengaluru-based company saw growth in its revenue from operations, by nearly 130% to reach Rs 11,449 crore during the fiscal year. In FY23, Zetwerk reported an 82% increase in losses for the fiscal year 2023, totaling Rs 108.7 crore.

Manufacturing tech startups like Groyyo, Ethereal Machines and Keychain raised significant investments in 2023 and 2024 to date from prominent investors like Lightspeed, Trifecta Capital, and Peak XV's surge.