Another major listing for India’s manufacturing sector; Zetwerk has secured SEBI approval for its IPO as it expands electronics and industrial manufacturing operations.
Zetwerk Manufacturing Business Limited has received approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO), moving the manufacturing technology company a step closer to its stock market debut.
The IPO will comprise a fresh issue of equity shares alongside an offer for sale by existing shareholders. The final issue size and valuation will be decided through the book-building process.
According to earlier reports by Moneycontrol, Zetwerk confidentially filed its draft red herring prospectus and is targeting a fundraise of up to ₹42 billion, equivalent to about US$450 million.
The company is also in discussions to raise between US$50 million and US$60 million through a pre-IPO funding round. The proceeds are expected to strengthen its balance sheet while providing a partial exit opportunity for early investors.
Kotak Mahindra Capital, JM Financial, Avendus Capital, Pantomath Capital, and the Indian arms of HSBC, Morgan Stanley and Goldman Sachs are acting as the book-running lead managers for the offering.
Established in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma, Zetwerk operates a technology-driven manufacturing platform that connects industrial customers with a distributed network of suppliers and production facilities.
Its operations span sectors including electronics, energy, defence, aerospace and capital goods.
The company manages sourcing, production planning, supplier coordination and project execution through its proprietary Zetwerk OS platform. Beyond its original marketplace model, it has expanded into end-to-end manufacturing and now produces laptops, wearable devices, hearables and information technology hardware. It has also integrated backwards into printed circuit board (PCB) manufacturing.
Supported by investors including Khosla Ventures, Accel, Lightspeed, Baillie Gifford, Peak XV and Rakesh Gangwal, Zetwerk reported a gross merchandise value (GMV) of ₹127.98 billion in FY25, compared with ₹144.43 billion in FY24. During the same period, its net loss narrowed to ₹3.71 billion from ₹9.18 billion a year earlier.
Earlier, co-founder and chief executive Amrit Acharya said the company expects to exceed US$2 billion in revenue in FY26, supported by manufacturing contracts related to artificial intelligence (AI) data centres.
