Unicorn startup Zetwerk announced on Thursday that it secured a ₹165 crore investment from Rakesh Gangwal, the promoter of Indigo Airlines. Gangwal is the final investor in Zetwerk's ongoing funding round, valuing the company at ₹23,157 crore.
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in the fiscal year 2021-22, Zetwerk saw a nearly six-fold increase in revenue to ₹4,961 crore. This surge can be attributed to businesses seeking alternatives to China for manufacturing their products.
In the financial year 2023, Zetwerk's revenue more than doubled to ₹11,448 crore.
The company expressed its enthusiasm about Gangwal's strategic guidance, leveraging his extensive experience to propel Zetwerk towards becoming a generational company.
"We are delighted to share that Rakesh Gangwal has invested USD 20 million in Zetwerk through Wheelhouse Venture Capital. 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 statement.
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Gangwal to sell airline's shares worth ₹3,730 crore
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Gangwal to sell airline's shares worth ₹3,730 crore
{{/usCountry}}In other news, Rakesh Gangwal is set to divest up to a 3.3 per cent stake, valued at ₹3,730 crore, in Interglobe Aviation through a block deal, according to sources reported by CNBC-TV18 on Thursday.
The block deal's floor price is fixed at ₹2,925 per share, reflecting a 5.8 per cent discount to Interglobe's closing price on Thursday.
As of the latest available exchange data, Gangwal holds an 11.72 per cent stake in the airline he co-founded in 2006 with Rahul Bhatia.
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Over the past year, both Gangwal and his wife, Rekha Gangwal, have reduced their shareholding, with Rekha completely exiting the firm in August. The Chinkerpoo Family Trust, affiliated with the Gangwals, retains a 13.49 per cent stake in Interglobe, making it the company's largest shareholder after Interglobe Enterprises led by Bhatia.
(Inputs from wires)