Zetwerk, an IPO-bound manufacturing startup, has secured ₹500 crore in a pre-IPO funding round from Bharat Value Fund, a SEBI-registered Category II AIF sponsored by the Pantomath Group, sources told inc42.com. This round values the contract manufacturer at around $4 billion. The funding follows SEBI's recent approval of Zetwerk's IPO, bringing the company closer to its stock market debut.
Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, and Vishal Chaudhary, Zetwerk operates a full-stack manufacturing platform serving sectors such as industrial components, electronics, renewable energy equipment, and consumer hardware. The startup uses a B2B contract manufacturing model where enterprise customers provide designs, and Zetwerk manages vendor selection, procurement, production, quality control, logistics, and delivery through its network of manufacturing partners. The company operates over 100 production facilities across India, the US, Germany, Spain, Vietnam, and Mexico.
Zetwerk joined the unicorn club in 2021 after raising $150 million and has raised more than $700 million to date from investors including Peak XV Partners, Lightspeed, and Mars Growth Capital. The upcoming IPO is expected to include a fresh issue of nearly $300 million and an offer-for-sale component worth about $150 million, underscoring the startup's growth trajectory in the contract manufacturing sector.
Zetwerk confidentially filed its draft IPO papers in March, and SEBI's approval of the IPO was granted days before the ₹500 crore pre-IPO funding round. The company’s next major milestone will be its public listing, which will provide further insights into its valuation and market positioning.