Zetwerk raises Rs 500 cr loan from Tradecred

PTI | Mumbai | Updated: 12-10-2021 15:33 IST | Created: 12-10-2021 15:33 IST
Zetwerk raises Rs 500 cr loan from Tradecred
  • Country:
  • India

Custom manufacturing company Zetwerk on Tuesday said it has raised Rs 500 crore from alternate debt platform Tradecred for strengthening its supply chain and expansion.

The company, which became a 'unicorn' with over USD 1 billion valuations earlier this year, said a financing agreement has been signed with the platform and 13 family offices participated in the same, as per an official statement.

The order book for the company, which serves both the consumer and also capital goods segments, is Rs 5,200 crore and it aims to become profitable in the financial year 2021-22, its founder and chief executive Hardik Shah said.

“Our business continues to see tremendous growth both in India and globally. We want to continue focusing on making our supply chain robust to build a world-class supplier network for our customers,” Shah added.

The company had recently raised USD 150 million in equity funding in a round led by D1 Capital Partners, during which it turned a unicorn, as per the statement.

It delivered operating profits in July and aims to become profitable on a full-year basis for the financial year 2021-22, it added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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