Rakesh Gangwal, the cofounder of Indigo Airways, has made the funding by way of the enterprise agency, Zetwork mentioned, confirming the event.
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“We’re delighted to share that Rakesh Gangwal has invested $20 million in Zetwerk by way of Wheelhouse Enterprise Capital. Gangwal, together with his intensive expertise spanning a number of a long time, brings invaluable insights into constructing companies and iconic manufacturers. His strategic steering can be essential in constructing Zetwerk right into a generational firm,” the corporate mentioned in a press release.
Based in 2018, Zetwerk is a managed market for contract manufacturing. It companions with industrial and shopper enterprises to get their merchandise manufactured through a world community of small producers.
The corporate, which has been serving manufacturing for industries together with automotive, aerospace and defence, entered the IT {hardware} enterprise with the manufacturing of laptops final yr.
It’s seeking to make an entry into manufacturing elements for electrical car (EV) makers.
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In a current interplay with ET, Zetwerk cofounder Rahul Sharma mentioned the corporate was seeking to make investments greater than Rs 1,000 crore into its shopper electronics enterprise over the following three years. It helps manufacture wearables, hearables and televisions within the shopper electronics house. The contract producer, which entered the unicorn membership in 2021, was additionally seeking to increase its footprint past north India with three new manufacturing services within the south, Sharma added.
Information web site Entrackr first reported about Zetwerk’s newest funding on Thursday morning.
In FY23, Zetwerk noticed its losses widen to Rs 108.7 crore, from Rs 59.7 crore within the earlier fiscal. Nonetheless, its income from operations greater than doubled from the earlier yr to Rs 11,448.6 crore
