Manufacturing Startup Zetwerk Files for IPO Valued at ₹2,600 Crore

Indian B2B manufacturing startup Zetwerk has filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI), signaling progress towards its initial public offering. The company aims to raise funds through a public issue valued at approximately ₹2,600 crore.

The UDRHP details that the public issue will consist of a fresh issuance of shares worth ₹2,600 crore, alongside an offer-for-sale (OFS) component involving up to 9.6 crore equity shares. Early investors, including Peak XV Partners and Lightspeed Venture Partners, are expected to offload portions of their stakes through the OFS. The startup's founders, Amrit Acharya and Srinath Ramakkrushnan, will also sell shares.

Proceeds from the fresh issue are earmarked primarily for debt repayment, with approximately ₹1,800 crore allocated to prepay or repay certain borrowings. Additional funds will be used for strategic acquisitions and general corporate purposes. This move follows a recent ₹500 crore pre-IPO funding round.

Founded in 2018, Zetwerk operates a full-stack manufacturing platform serving sectors such as industrial components, electronics, and renewable energy equipment. As of March 2026, the company reported operating over 26 manufacturing facilities across India, the US, Germany, and Spain. In the fiscal year ending March 2026, Zetwerk's revenue from operations increased by over 40% to ₹15,913.3 crore, though its net loss widened to ₹1,606.1 crore.