IndiGo‘s promoter Rakesh Gangwal has invested $20 million in the manufacturing marketplace unicorn Zetwerk through Wheelhouse Venture Capital. In a statement, the company said that Gangwal invested $20 million in the Business-to-Business (B2B) manufacturing marketplace unicorn Zetwerk through Wheelhouse Venture Capital and with that, he joins as a financial investor of the firm.
With this deal, Zetwerk’s valuation is at $2.8 billion. Greenoaks is the largest investor followed by Peak XV partners and Lightspeed.
“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,” the company said in a statement.
Zetwerk, since its inception in 2018, has raised over $660 million, inclusive of the recent round. It became a unicorn in Aug 2020, with a $150 million investment led by D1 Capital Partners.
Zetwerk is a manufacturing network that partners with enterprises across sectors and gets the products manufactured majorly through a network of small and medium manufacturers. The company notes that it works with 10,000 MSMEs, 95 per cent of whom are in India.
Meanwhile, it was reported that Gangwal is planning to sell a 3.3 per cent stake in Interglobe Aviation (IndiGo) to raise around $450 million. Sources told Moneycontrol that the offer floor price for the proposed block deal is Rs 2,925 per share with a 5.8 per cent discount to the last close price. Morgan Stanley, JP Morgan and Goldman Sachs are the investment banks advising Gangwal on the transaction.
Gangwal and his family trust in total own around 25 per cent of Interglobe Aviation, BSE data showed.
Gangwal resigned from Interglobe Aviation’s board in February 2022 and announced plans to dilute his family’s stake in a phased manner. In the same month, the Gangwal family sold a 4 per cent stake in Interglobe Aviation for Rs 2,900 crore. In September 2022, they sold a 2.8 per cent stake worth Rs 2,000 crore.
In August 2023, Gangwal sold shares worth $450 million, which was so far the biggest block deal.
Shares of Interglobe Aviation closed at Rs 3,101.55, up by 1.05%.
