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

Neha KamathOctober 14, 2024

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Three points you will get to know in this article:

Zetwerk has joined the growing list of Indian firms looking for an initial public offering (IPO).
The startup’s top management has also held negotiations with 2-3 other banks, according to insiders.
Zetwerk did not react to media’s inquiries regarding the development. JP Morgan declined to comment.

Zetwerk Considering IPO, Sets Off Planning with JP Morgan, Other Bankers

Bengaluru-based B2B marketplace business has joined the increasing list of Indian startups planning an IPO. According to insiders, the Lightspeed-backed business has begun preliminary conversations with investment banker JP Morgan for its initial public offering.

According to the sources, the startup’s top management has also discussed the matter with 2-3 additional banks. They did, however, emphasize that the conversations are still in the early stages and that nothing has been finalised.

Zetwerk did not respond to media inquiries regarding the development. JP Morgan has declined to respond.

Where Has Zetwork Invested?

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

Earlier this year, the company announced an investment of INR 1,000 crore to expand its electronics production capacity in the IT hardware, television, mobile phone, hearable, and wearable device categories.

In a statement, the unicorn stated that it aimed to lead the ODM (original design manufacturer) and electronics manufacturing services industry in mobile phones, hearables, and wearables.

Zetwerk entered the television and display device sector by establishing one of north India’s largest TV manufacturing facilities, with a production capacity of 2.4 million units per year to serve both domestic and foreign brands.

Zetwerk Funding, Valuation

The firm has raised approximately $700 million in total capital to date, with investors including Mars Growth Capital, Greenoaks Capital, and Peak XV Partners.

Zetwerk competes indirectly with Moglix, OfBusiness, and others.

The unicorn, last valued at $2.8 billion, plans to go public within the next two years.

It is worth noting that OfBusiness is also planning a $1 billion IPO in the second half of 2025.

Amidst the recent IPO boom in India, a number of cutting-edge software businesses are preparing to go public. While ten businesses, including Ola Electric, Awfis, and Go Digit, have gone public this year, Swiggy, Ecom Express, and MobiKwik, among others, plan to make their public market debuts in the coming months.