According to the source, Zetwerk is also looking to raise a fund of $50-60 million (₹450-500 crore) in a pre-IPO round. The company said the reason behind the launch of its IPO is to strengthen its financial position and give an exit to the early investors.
Zetwerk is worth around $3 billion and has strong backing from Khosla Ventures, Accel, Lightspeed, Greenoaks, Avenir, and others.
Zetwerk is planning an IPO, however, keeping a close eye on the ongoing war. Many startups, like PhonePe, have paused their IPOs due to uncertainty and global conflict.
Kotak Mahindra Capital, JM Financial, Avendus Capital, Pantomath Capital, and the Indian units of HSBC, Morgan Stanley, and Goldman Sachs are the book-running lead managers to the issue.
Incorporated in 2018, Zetwerk is one of the growing Indian B2B (business-to-business) manufacturing companies that uses tech-driven technology to supply various types of industrial products to various industries like Utilities, Renewable energy, Consumer electronics, AI infrastructure, Space & defence, Oil & gas, Industrial automation, and Aerospace.
The company makes products like laptops, earphones, smartwatches, and other IT hardware, as well as its own PCBs (printed circuit boards). So far, the firm has served 1,171 customers across 19 countries.
Financially, in FY25, the firm reported a decline in Gross Merchandise Value (GMV) of ₹12,798 crore, a 11% down from ₹14,443 crore in FY24.
At the same time, in FY25, the company reported a loss of ₹371 crore, from the loss of ₹918 crore in FY24, showcasing improvement. For more such updates and IPO-related queries, follow IPO Watch.
