Zetwerk, the Bengaluru-based B2B manufacturing unicorn, plans to go public in 2 years. The company has started internal preparations for its Initial Public Offering (IPO) and the formal process will kick off this fiscal.
In a note to employees, founder and CEO Amrit Acharya said we will focus on productivity, automation and profitability at all levels. “We must make money daily, so we make it monthly and then yearly,” Acharya wrote, as the company moves from a cost control phase to a balanced approach where growth and profitability coexist.
Zetwerk IPO size could be around USD 500 million (INR 4,300 crore). Currently, the company is value stands at USD 5 billion (INR 42,600 crore). Lastly, it was valued at USD 3.1 billion (INR 26,412 crore) after a USD 90 million (INR 767 crore) funding round in December 2024. This round was led by Khosla Ventures and Rakesh Gangwal and with UK-based Baillie Gifford as a new investor.
Founded in 2018 by IIT alumni Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk connects industrial and consumer businesses with a global network of small-scale manufacturers. From its roots in fabrication, machining, casting and forging, Zetwerk has evolved to support design and product development and is now becoming an R&D-first company.
Zetwerk has over 10 factories across India, US and Europe. It serves across industries like automotive, aerospace, defence and recently IT hardware. In 2024, the company forayed into laptop manufacturing and is also getting ready to enter electric vehicle (EV) component manufacturing.
Zetwerk reported gross revenue of INR 17,564 crore in FY24, up 53% from INR 11,448 crore in FY23. However, according to some industry reports, the company incurred a net loss of INR 919.2 crore in FY24. Despite this, free cash flows have begun to materialize, providing the financial headroom necessary for expansion and investment.
Acharya stressed that every new sale and customer acquisition must now contribute to profitability, not just revenue growth. “While we already run a lean operation, it’s important that growth is not at the expense of financial sustainability,” he added.
Zetwerk’s upcoming IPO places it among a growing list of Indian startups gearing up for public listings. Other venture-backed companies in line include Bluestone, Ather Energy, PhysicsWallah, Shadowfax, Zepto, Captain Fresh, Groww, Lenskart, Meesho, OfBusiness, Urban Company, and BoAt. Some of these, such as Bluestone and Ather, have already filed draft red herring prospectuses (DRHP) with the market regulator.
In the B2B e-commerce space, Zetwerk competes with the likes of Infra.Market, OfBusiness, and Moglix. Notably, OfBusiness recently converted its holding entity into a public company, while Infra.Market secured USD 125 million (~INR 1,065 crore) in a pre-IPO round.
With a sharpened focus on automation, R&D, and profitability, Zetwerk appears poised to make a strong entry into the public markets. The next 12 to 24 months will be critical as the company refines its operations and prepares to meet investor expectations.
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