Zetwerk, an Indian business-to-business marketplace for manufacturing items, has closed a significantly large financing round as it scales its operations in the nation and also helps local businesses find customers overseas.
The 18-month-old startup said on Wednesday it has raised $32 million in a Series B financing round led by Lightspeed and Greenoaks Capital.
Zetwerk co-founder and chief executive Amrit Acharya told TechCrunch in an interview that the startup has also raised about $14.2 million in debt from a consortium of banks, and others.
The startup connects OEMs (original equipment manufacturers) and EPC (engineering procurement construction) customers with manufacturing small-businesses and enterprises.
Acharya said Zetwerk largely competes with domain project consultants in the offline work.
Acharya did not share exactly how many clients it has outside of India but said exports currently account for less than 5% of the startup’s GMV, or gross merchandize value.
The startup will also explore helping its manufacturing workshops access working capital, though Acharya cautioned that it is not something that would happen anytime soon.