IndiGo promoter Rakesh Gangwal invests $20 million capital in Zetwerk

Unicorn startup Zetwerk on Thursday said it has received $20 million (about Rs 165 crore) investment from IndiGo Airline promoter Rakesh Gangwal.

Gangwal is the last investor in the ongoing funding round of Zetwerk at $2.8 billion enterprise value.

"We are delighted to share that Rakesh Gangwal has invested $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.

The company has raised $650 million to date, including the recent investment from Gangwal.

Zetwerk has posted a nearly six-fold jump in revenue to Rs 4,961 crore during 2021-22, mainly on account of companies looking for an alternate destination to China to make their products.

The company's revenue more than doubled to Rs 11,448 crore in the financial year 2023.