Zetwerk raises $100mn from Avenir

Mumbai: Zetwerk Manufacturing Business Pvt Ltd has agreed to
raise fresh capital of over $100 million from existing investor
Avenir Growth Capital, according to two people familiar with the development.

Avenir is also acquiring shares from secondary investors, in
addition to investing directly in the company, the people cited
above said.

The primary and secondary shares were sold at a valuation
similar to Zetwerk's previous round, one of the people cited
above said. Zetwerk last raised capital at a valuation of $2.7
billion in December 2021. The total deal size is around $100
million to $200 million.
A Competition Commission of India filing on Friday said Avenir is
acquiring a 2.96% stake in Zetwerk, but did not give other details.