Contract manufacturing marketplace Zetwerk Manufacturing Businesses is eyeing an initial public offering (IPO) within the next 15 to 24 months, a senior company official said.
“I don’t know if it (IPO) will happen this year. We are looking to file. We are doing all the preparation work, but I think 15 to 24 months is the timeline that we have,” said Amrit Acharya, CEO & co-founder of Zetwerk, on Saturday.
He was speaking on the sidelines of the inauguration of Zetwerk Electronics’ seventh manufacturing facility—its first in Tamil Nadu—at Sriperumbudur, near Chennai. Zetwerk also has two manufacturing plants in the US and one in Europe.
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Union Minister for Electronics and Information Technology Ashwini Vaishnaw, who inaugurated the facility, highlighted that the electronics industry has become the country’s second largest export sector, surpassing several traditional industries in the past decade.
The IPO timeline follows reports that Zetwerk is aiming to raise $400-500 million through the offering, at a valuation of $5 billion. Acharya, however, did not disclose the expected IPO size or valuation.
He added that while there is an implicit need to provide an exit for investors, there is no immediate pressure to go public, as most investors have a 7-10 year investment horizon. “We are well within that limit. In fact, the bulk of our capital was raised three years ago. So, even though we are a six-year-old business, my capital clock started three years back,” he said.
Zetwerk Electronics co-founder Rahul Sharma noted that the new plant is part of a Rs 1,000 crore investment. The facility, located in a key industrial zone, is expected to employ approximately 1,500 people.
In December 2024, Zetwerk secured $70 million in a funding round led by Khosla Ventures and IndiGo Airlines co-founder Rakesh Gangwal, along with existing investors. The Peak XV Partners and Lightspeed India-backed firm has raised $768 million across 16 rounds, according to Tracxn data.
In FY24, Zetwerk reportedly achieved a gross merchandise value (GMV) of ₹17,564 crore, with a significant portion of its business coming from components manufactured for the renewables sector. Electronics currently account for 15% of the company’s overall business and are among its fastest-growing verticals.
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