Bengaluru-based business-to-business (B2B) startup Zetwerk has reportedly raised around Rs 100 crore in debt funding from a fund backed by the Edelweiss Group.
According to Mint, The capital was raised through the issuance of non-convertible debentures (NCDs), with approximately Rs 83 crore coming from the Edelweiss Credit Plus Fund, which offers loan capital to early-to-mid-stage private firms.
The report further added that Perigon Consillario LLP served as the transaction’s investment banker, and Cyril Amarchand Mangaldas (CAM) served as the legal advisor.
Founded in 2018 by IIT alumni Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary, Zetwerk (Zetwerk Manufacturing Businesses Pvt. Ltd.) provides manufacturing solutions to businesses such as fabrication, machining, casting, molding, onsite services, extrusion, stamping, forging, etc.
Edelweiss Credit Plus Fund is a category II alternative investment fund (AIF) focused on mid-market opportunities in the performing credit space. It provides 1-3 years of short-term capital to firms, primarily in the fintech area, such as Cashe and Spandana Sphoorty.
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