Manufacturing Unicorn Zetwerk Aims For A $1 Bn IPO, Calls Upon JP Morgan To Discuss Prospects

Weeks after stories surfaced, Zetwerk began conversations with investment banker JP Morgan about a potential initial public offering (IPO); the B2B marketplace business is now reportedly seeking to raise $1 billion through the IPO.

Zetwerk, founded in 2018 by Amrit Acharya, Rahul Sharma, Srinath Ramakkrushnan, and Vishal Chaudhary, connects manufacturers with vendors and suppliers to source industrial machine components.

According to Bloomberg, citing sources close to the subject, the business is in talks with investment bankers to prepare for its public listing in Mumbai next year.

They also stated that the discussions are preliminary and that no final decisions have been made, noting that factors such as size, value, and timing may change.

Related: Manufacturing Startup Zetwerk Draws Start Line For IPO, Summons JP Morgan, Other Bankers

According to the report, the potential listing might increase Zetwerk’s worth by several billion dollars.

The unicorn was last valued at $2.8 billion.

The Bengaluru-based business, which counts Peak XV Partners, Mars Growth Capital, and Greenoaks Capital as investors, has raised more than $700 million in total.

A month ago, the contract manufacturing company announced plans to invest INR 500 crore over the next two years to increase manufacturing capacity for the renewables market, as well as to expand into the offshore wind segment in the United States and Europe.

This change comes as several new-age tech businesses prepare to go public. Ten startups have already been listed on exchanges this year, with many more planned for the following year.

For example, in September, industry rival B2B marketplace unicorn OfBusiness began preparing for an IPO of up to $1 billion and is nearing completion with bankers for a public offering in the second half of 2025.