Zetwerk Files Draft Papers for ₹4,200 Crore IPO

Zetwerk has confidentially filed draft papers for an initial public offering (IPO), according to people familiar with the matter, as the business-to-business manufacturing platform looks to raise as much as ₹4,200 crore (about $450 million).The company, which is targeting a listing later this year, has appointed Kotak Mahindra Capital, JM Financial, Avendus Capital, Pantomath Capital, along with the Indian arms of HSBC, Morgan Stanley, and Goldman Sachs to manage the offering.The company declined to comment on this development.The firm is also in discussions to raise ₹450 crore to ₹500 crore in a pre-IPO round, according to sources. The proceeds are expected to strengthen its balance sheet while offering a partial exit to some early investors.Zetwerk is valued at about $3 billion in the fundraising, largely unchanged from previous rounds.Also ReadIIP grows 5.2% in February, supported by manufacturing recovery: NSOGIFT City's first IPO withdrawn as weak demand hits subscriptionPioneer Fil-Med files for ₹500 crore IPO to fund new manufacturing unitsApplied for Sai Parenteral's IPO? Here's how to allotment check status, GMPAmir Chand IPO allotment today: Step-by-step guide to check status onlineThe firm is backed by investors such as Khosla Ventures, Baillie Gifford, and IndiGo co-founder Rakesh Gangwal, alongside early backers like Accel, Peak XV Partners, and Lightspeed.Zetwerk is a technology-led manufacturing platform that drives the production of industrial goods worldwide. The company aggregates manufacturing capacity across a network of owned facilities and third-party suppliers into a “universal factory” through its proprietary manufacturing operating system.Founded in 2018 by Amrit Acharya and Srinath Ramakkrushnan, both IIT Madras alumni, Zetwerk was built alongside their former ITC colleagues Vishal Chaudhary, Ankit Fatehpuria, and Rahul Sharma. With over 20 owned manufacturing facilities worldwide and a network of more than 5,000 suppliers, the company has rapidly scaled from a startup to a global industrial player.The company reported an 11 per cent decline in gross revenue to ₹12,798 crore for FY25, down from ₹14,443 crore a year earlier, while narrowing its losses by 60% to ₹371 crore, compared with ₹918 crore in FY24, according to Entrackr.Zetwerk competes in some areas with Infra.Market and OfBusiness. Infra.Market is confidentially filed draft papers with the Securities and Exchange Board of India in October for a ₹5,000 crore IPO and secured regulatory approval in January. Meanwhile, OfBusiness, is also considering a public offering of up to $1 billion, though it has not set a timeline.Last month, Union Minister for Electronics and Information Technology, Railways, and Information & Broadcasting, Ashwini Vaishnaw, inaugurated a new design-led electronics manufacturing facility in Bengaluru for Zetwerk Electronics, a unit of Zetwerk. This marks a step in the company’s push to build a globally competitive, India-born electronics manufacturing platform.The Bengaluru facility is Zetwerk’s most advanced electronics unit in India, expanding its footprint across Karnataka, Tamil Nadu, Uttar Pradesh, and Haryana. The investment strengthens its push into aerospace, defence, and automotive sectors, while reinforcing India’s electronics value chain and aligning with initiatives such as Viksit Bharat, Make in India, Digital India, and Startup India.The Bengaluru plant marks Zetwerk’s entry into automotive, aerospace, defence, and IT hardware—sectors central to industrial growth and national security. By offering end-to-end capabilities, from design to manufacturing, the company aims to reduce import dependence and strengthen domestic supply chains.