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Bengaluru, Manufacturing platform <keyword id="7466761" type="UNKNOWN" weightage="20" keywordseo="zetwerk">Zetwerk</keyword> has raised $120 million (nearly ₹880 crore) in its Series D round led by US-based <keyword id="2779666" type="PERSON" weightage="20" keywordseo="Greenoaks-Capital">Greenoaks Capital</keyword> and <keyword id="455799" type="COMPANY" weightage="20" keywordseo="Lightspeed-Venture-Partners">Lightspeed Venture Partners</keyword>. <keyword id="136147" type="COMPANY" weightage="20" keywordseo="Sequoia-Capital-India">Sequoia Capital India</keyword> and Kae Capital also participated in the round, Zetwerk said on Tuesday. This Series D round comes after the company's $21 million Series C round in July 2020, bringing the total equity capital raised by the company to $193 million. "The <keyword id="6651103" type="UNKNOWN" weightage="20" keywordseo="Global-manufacturing-industry">global manufacturing industry</keyword> has had to swiftly adjust to the new normal, and digital solutions have become essential. Zetwerk accelerates this digital transformation with state-of-the-art productivity tools and remote project management," Amrit Acharya, Co-founder &amp; CEO, Zetwerk, said in a statement. "2021 will see further pace of growth as companies seek to diversify their procurement to minimise disruptions and become more agile and resilient." Zetwerk was founded in 2018 by <keyword id="6386086" type="COMPANY" weightage="20" keywordseo="Indian-Institutes-of-Technology">Indian Institutes of Technology</keyword> (IIT) alumni Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary with the aim of making it the go-to platform for the global manufacturing industry. It runs business-to-business marketplace for manufacturing parts. The platform is increasingly being adopted globally, with the company growing 3X year-on-year in 2020, despite the impact of the Covid-19 pandemic, said Bengaluru-based Zetwerk. Zetwerk is modernising the manufacturing industry using proprietary technology and project management techniques. Since its founding, Zetwerk has forged deep partnerships in three key segments - precision parts, capital goods and consumer goods, serving a diverse range of product categories including prefabricated structures for infrastructure projects, sheet metal parts for electric vehicles, precision parts for aerospace, assembly lines for consumer durables, etc. With this fundraising, Zetwerk said it will further strengthen its technology and continue its expansion into new categories and regions. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/home-first-finance-company-ipo-lists-at-618-19-premium-over-the-issue-price/articleshow/80662539.cms">Warburg Pincus-backed Home First Finance Company IPO lists at 19% premium over the issue price</a> <a href="https://www.businessinsider.in/tech/enterprise/news/indias-principal-economic-advisor-says-the-real-monopoly-to-be-worried-about-is-in-search-internet-and-social-media/articleshow/80663403.cms">INTERVIEW: Google and Facebook ahoy! India’s Principal Economic Advisor says the real monopoly to be worried about is in search, internet and social media</a> <a href="https://www.businessinsider.in/science/space/news/budget-2021-22-prioritises-gaganyaan-indias-human-spaceflight-mission-over-all-others-heres-why/articleshow/80663272.cms">Budget 2021-22 prioritises Gaganyaan, India’s human spaceflight mission, over all others — here’s why</a>

Zetwerk raises $120 million from Greenoaks Capital and Lightspeed Venture Partners

<ul class="summary-list"><li>VC firm <keyword id="13647765" type="UNKNOWN" weightage="60" keywordseo="sequoia-capital-india" source="Orion">Sequoia Capital India</keyword> has spoken out about fraud allegations at multiple <keyword id="6362513" type="UNKNOWN" weightage="60" keywordseo="startups" source="Orion">startups</keyword> it's backed.</li><li>The firm said it was difficult to conduct due diligence on early-stage businesses.</li></ul><keyword id="11904329" type="UNKNOWN" weightage="60" keywordseo="sequoia-capital" source="Orion">Sequoia Capital</keyword> India, a major investor in Southeast Asian startups, has said due diligence on early-stage startups is tough as four of its portfolio companies face fraud or misconduct allegations.<a href="https://india.sequoiacap.com/build/corporate-governance-the-cornerstone-of-an-enduring-company/">In a blogpost not attributed to a particular author</a>, the firm said: "Recently some portfolio founders have been under investigation for potential fraudulent practices or poor governance. These allegations are deeply disturbing."The post added: "It is easy to think of this issue as ascribed to poor due diligence. But let's remember that when investments are made at seed or early stage there is hardly a business to diligence. Even later stage investors can face negative surprises, post investment, if there is willful fraud and intent."<keyword id="12116150" type="UNKNOWN" weightage="60" keywordseo="sequoia" source="Orion">Sequoia</keyword> didn't name check any firms, but one of these negative surprises has been <a href="https://www.businessinsider.com/zilingo-ceo-suspended-accounting-probe-singapore-startup-report-2022-4">Zilingo</a>, a Singapore-based fashion e-commerce startup first backed by Sequoia in 2015 and estimated to be worth $970 million. <keyword id="13616941" type="UNKNOWN" weightage="60" keywordseo="zilingo" source="Orion">Zilingo</keyword> earlier this month suspended its cofounder and CEO Ankiti Bose amid a financial probe into its accounting practices. A lawyer acting for Bose called her suspension "unfair" in <a href="https://www.bloomberg.com/news/articles/2022-04-14/sequoia-s-singh-leaves-zilingo-board-amid-accounting-probe">a statement to Bloomberg</a>.Sequoia and another backer, Temasek, raised their concerns with Zilingo's board. Sequoia's Shailendra Singh subsequently resigned as director of Zilingo's board, Bloomberg reported.Three other Sequoia-backed startups are also under scrutiny.In mid-March, Indian news media reported that EY India was investigating social e-commerce platform <a href="https://inc42.com/buzz/trells-founders-under-scrutiny-for-financial-irregularities/">Trell</a> for alleged financial irregularities. The same month, <a href="https://economictimes.indiatimes.com/tech/startups/tax-officials-raid-zetwerks-offices-founders-homes-suspecting-tax-evasion/articleshow/90293975.cms?from=mdr">Zetwerk Manufacturing</a> was reportedly raided by Indian tax officials over alleged tax evasion concerns. Also in March, financial platform <a href="https://www.businessinsider.in/business/startups/news/ashneer-grover-loses-singapore-arbitration-bharatpe-probe-to-continue/articleshow/89887218.cms">BharatPe's</a> cofounder Ashneer Grover was <a href="https://techcrunch.com/2022/03/01/bharatpe-founder-ashneer-grover-siphoned-off-money-fintech-startup-says/">accused of misappropriating funds</a> by the firm and quit as CEO. Sequoia in its post called for better "guardrails" for the startup ecosystem, such as agreeing new rules around corporate governance, and said startup "boards can only work with the information shared with them" to uncover wrongdoing.Sequoia's post highlights the risks of investing in early-stage startups, where <keyword id="11897927" type="UNKNOWN" weightage="60" keywordseo="venture-capital" source="Orion">venture capital</keyword> firms plow cash into unproven companies, often trusting in a founder's vision more than the solidity of their business model. The firm wrote that a startup's board "is not responsible to investigate on an ongoing basis" for potential bad behavior unless it's explicitly flagged up.But some regional investors shot back at suggestions that the wider ecosystem was at fault."Sequoia India, caught with their pants down with 4 portfolio companies. Decides to blames the 'eco-system,'" wrote Sam Gibb, managing partner of Singapore-based fintech investor Resolution Ventures, <a href="https://twitter.com/samngibb/status/1515837214499827714">on Twitter</a>. He said that bigger investors encourage a "growth-at-all-costs" mentality at startups, leading founders to step "over gray lines" to hit metrics."The interests of career VCs (where a bulk of remuneration is fixed) diverge from founders as status is more important to them than building lasting economic value," he wrote.Sequoia could not be reached over the phone for further comment.

Big-name investor Sequoia says startup due diligence is hard as 4 of its Asian portfolio companies face allegations of fraud or misconduct

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Zetwerk raises $120 million from Greenoaks Capital and Lightspeed Venture Partners

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Big-name investor Sequoia says startup due diligence is hard as 4 of its Asian portfolio companies face allegations of fraud or misconduct

Weilun Soon

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