Zetwerk Manufacturing, a homegrown digital B2B marketplace for large manufacturing, announced on Wednesday that it has bought back shares worth $8.3 million ( ₹60.92 crore) from employees and early investors.
A large part of the Zetwerk workforce participated in the Employee Stock Options (ESOPS) liquidation process which gets completed in three rounds.
“Zetwerk is building a company for the future. The aggressive growth in the past two years reflects the role played by Zetwerk employees, some of whom chose to be a part of the journey when the company existed only on paper. For us, building a strong culture that recognizes the contribution of employees is extremely important, and we plan to carry out this exercise even in the future as we scale up our business,” said Amrit Acharya, CEO and co-founder, Zetwerk Manufacturing.
“This step materializes in wealth creation for the employees and reaffirms the confidence of the founders and investors in the business,” Acharya added.
Zetwerk employs close to 400 people on its rolls, up from 250 people over the same period last year. It is backed by marquee investors such as Sequoia Capital, Accel Partners, Greenoaks, Lightspeed Partners, and Kae Capital. In February, Zetwerk raised $120 million in Series D funding round led by US-based Greenoaks Capital and Lightspeed taking its overall fund raise to close to $200 million. Sequoia Capital India and Kae Capital also participated in the round.