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AR 1.0 is dead: Here’s what it got wrong


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Unlike the more typical e-commerce firms, Zetwerk sells goods such as parts of a crane, doors, chassis of different machines and ladders. The startup operates to serve customers in fabrication, machining, casting and forging businesses.n

These are all custom-made products. u201cNobody has a stock of such inventories. You get the order, you find manufacturers and workshops that make them. Our customers are companies that are in the business of building infrastructure,u201d said Acharya, who serves as Zetwerku2019s chief executive.n

u201cWe index these small workshops and understand the kinds of products they have built before. These indexes help bigger companies discover and work with them,u201d he added.u00a0Once a firm has placed an order, Zetwerk allows them to track the progress of manufacturing and then its shipping. In this line of business, this “hand-holding” is crucial as manufacturing and shipping of these items typically take more than two to three months.n

Currently, Zetwerk works with more than 150 enterprises and 2,500 small and medium-sized businesses, it told TechCrunch. The startup delivers more than 30,000 parts each month, up 100% since December last year, and has enabled several manufacturers in India to discover clients overseas.n

u201cZetwerk is bringing Indian manufacturing to the global stage, and I’m proud to be part of their story,u201d said Prayank Swaroop of Accel.n

Zetwerk has developed u201cunique software to enable an enormous global manufacturing marketplace connecting OEMs and EPCs with industrial suppliers,u201d said Neil Shah of Greenoaks Capital.n

u201cIncreasingly, companies are looking to diversify their supply chain globally and Zetwerk’s platform allows them to identify and collaborate with supplier partners to deliver projects on-time and with high quality. We are thrilled to continue to partner with the Zetwerk team,” he said.n

Manufacturing contributes to 14% of Indiau2019s GDP, but the nation lacks a supporting ecosystem to execute projects more efficiently, said Acharya. The startup will deploy the fresh capital to fund its international expansion and launch new categories, he said.n

Commenting on how the coronavirus pandemic has impacted Zetwerk, Acharya told TechCrunch that the startup works across multiple industries, some of which are still growing. “Overall, we are doing well,” he said.n”,”protected”:false},”excerpt”:”rendered”:”

Zetwerk, an Indian business-to-business marketplace for manufacturing items, has raised $21 million in a new financing round as it looks to scale its operations in the nation and help local businesses find customers overseas. San Francisco-based investment firm Greenoaks led the two-year-old Indian startupu2019s Series C financing round. 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Workers look on as a machine moves a side wall of a mass rapid transport (MRT) passenger car at the Alstom SA manufacturing facility in Sri City, Andhra Pradesh, India, on Tuesday, Aug. 14, 2018. Alstom — which manufacturers trains in a number of categories: tram, metro, suburban/regional, high speed, very high speed, and locomotive — makes around 45% of its revenue from sales of its trains. 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IPOs for Lemonade and Accolade may encourage other unicorns to go public”,”content”:{“rendered”:”

If you’d predicted in late March and early April that Q3 would kick off with a wide-open IPO market and receptive investors, I doubt anyone would have believed you. If you suggested that valuations would look pretty good as well, you might even have been laughed at.n

And yet, here we are.n


n

The Exchange is a daily look at startups and the private markets for Extra Crunch subscribers; use code EXCHANGE to get full access and take 25% off your subscription.n


n

Yesterday Lemonade and Accolade priced above their expected ranges, with Lemonade pricing above itsu00a0raised range and Accolade selling more shares than expected. It’s hard to read the moves as anything other than the market demanding growth-oriented equities and not worrying too much about profitability.n

""Or more precisely: It’s the golden moment to go public for unprofitable unicorns seeking liquidity but worried about defending their private-market valuations. This sentiment is backed up by Agora’s solid pricing and explosive debut in recent days.n

How long this public market moment will last is not clear. With the United States recording 50,000 new COVID-19 cases in a single day yesterdayu00a0and the national economy beginning to slow once again, perhaps the window is short. Perhaps not — we were wrong before about the IPO market in 2020, so let’s not get too hasty to make more predictions — but it is clear that Q4 2019 wasn’t the only time when unicorns might have been able to attract the prices they wanted.n

This morning let’s briefly go over the final pricing for Lemonade and Accolade and give them new revenue multiples ahead of their first days as trading entities. We need to start their public life knowing how they were valued ahead of their debut so that we can better understand the next set of companies that are bold enough to get off their backside and go public.n

Roll out the welcome matn

We’ve abused every possible IPO metaphor in recent weeks. Open windows. Warm waters. But without clichu00e9, we can state that IPOs are performing very well in recent weeks, with IPO Boutique reporting this morning that 17 of the last 27 IPOs have priced above the range that they first set.



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