Contract manufacturing startup Zetwerk, on Thursday, said it achieved a gross merchandise value (GMV) of ₹17,564 crore in FY24, reflecting a 35% growth from the ₹13,050 crore GMV recorded in the previous fiscal year. The company operates a vast network of 15,000 contract manufacturing partners, supplying industrial equipment to sectors such as renewables, electronics, and precision manufacturing.
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The industrials segment, which includes renewables and precision manufacturing, contributed 92% of Zetwerk’s total GMV in FY24. Additionally, international markets, primarily North America, accounted for 21% of the business. As of September 2024, Zetwerk had secured orders worth ₹12,839 crore at the group level.
While Zetwerk did not disclose its net loss for FY24, it reported a slight increase in adjusted Ebitda, rising to ₹191 crore, compared to ₹188 crore in FY23. The company had recorded a loss of ₹109 crore in FY23.
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Zetwerk is reinvesting its earnings to scale operations further, with plans to achieve profitability within the next two years, co-founder and CEO Amrit Acharya told FE.
Zetwerk has benefited from increased government spending in manufacturing and also from companies who are looking to diversify their supply chain away from China. “Manufacturing is inherently complex and fragmented. A typical customer order involves an average of six Zetwerk suppliers, over 100 designs, and a two-month fulfillment timeline. Moreover, Zetwerk concurrently executes 1,000 customer contracts,” Acharya said.
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In 2024, Zetwerk raised $90 million in funding from investors including Khosla Ventures, Rakesh Gangwal (co-founder of IndiGo Airlines) and Baillie Gifford, along with existing backers Greenoaks and Avenir. This funding round pushed Zetwerk’s valuation to $3.1 billion. To date, the Peak XV-backed startup has raised over $750 million.
Zetwerk has secured significant orders from industrial giants such as L&T, NTPC, and Siemens, among others. The company also plans to go public within the next 18-24 months,
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