Supply Chain Startup Zetwerk Gets Debt Funding from Mars Growth

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Zetwerk, a supply chain startup that connects global companies with manufacturing partners in India and Southeast Asia, closed a $30 million debt financing agreement with Singapore-based debt fund, Mars Growth Capital.

The Bangalore-headquartered startup, which helps companies turn their digital designs into custom-manufactured items, plans to deploy the capital to support growth in regions like Southeast Asia and marketing in the U.S. and aggressively expand in newer areas like defense and aerospace. Its services help manufacturers of products from pipes to aircraft engine pipes streamline the traditional way of handing out industrial contracts.

The two-year-old firm, which counts Sequoia India, Accel and Greenoaks Capital among its investors, is among a slew of Indian startups looking for cheaper capital and debt has become an attractive alternative to venture capital. Its latest backer, Mars Growth Capital -- jointly set up by Japan’s Mitsubishi UFJ Financial Group and the Israel-based Liquidity Capital -- has a portfolio of e-commerce and software startups.

Zetwerk offers growth potential in the $214 billion global smart manufacturing market, said Yaron Primovich, managing director of Mars Growth Capital. “They’ve created their own category in the value chain of manufacturing parts and are proving immense impact with their core process and technology,” Primovich said in the statement.

The startup’s software matches companies with the right manufacturing partner based on lead times and costs. Its platform allows project managers to monitor the process from purchase order to delivery, providing real-time tracking.

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