B2B manufacturing marketplace Zetwerk is currently in discussions to raise around Rs 500 crore in pre-initial public offering (IPO) funding from Bharat Value Fund, along with participation from a group of high-net-worth individuals (HNIs), according to sources familiar with the matter.
However, the proposed funding round is expected to value the company at Rs 25,000–26,000 crore (approximately $3 billion), which remains largely unchanged from its previous valuation. As a result, this signals cautious investor sentiment as the company moves closer to its anticipated public market debut.
At the same time, Zetwerk is preparing to confidentially file its draft IPO papers with the Securities and Exchange Board of India (Sebi), as per people aware of the development. The IPO size is likely to be around Rs 5,000 crore, including Rs 2,700–2,800 crore in fresh capital, while the remaining portion will come through an offer for sale (OFS). “We have no comments to offer regarding our capital raising plans,” said a Zetwerk spokesperson.
Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary, Zetwerk operates a managed marketplace that connects enterprise buyers with manufacturing suppliers across sectors such as industrial machinery, electronics, renewables, and aerospace.
Meanwhile, the company has appointed leading financial institutions, including Kotak Mahindra Bank, Goldman Sachs, Pantomath Investment Banking, Morgan Stanley, HSBC, and JM Financial, as merchant bankers for the IPO.
Earlier, in July 2025, founders Acharya and Ramakkrushnan infused Rs 600 crore into the company by raising personal debt, thereby increasing their combined stake by 2 percentage points. Prior to that, in December 2024, Zetwerk raised $70 million in a funding round led by Khosla Ventures, Rakesh Gangwal, cofounder of IndiGo, and Baillie Gifford. Notably, this round valued the company at $3 billion, up from $2.7 billion in 2023.
Financially, Zetwerk reported an 11% decline in operating revenue to Rs 12,798 crore for FY 2024-25. Nevertheless, the company managed to significantly narrow its net loss to Rs 371 crore, compared to Rs 918 crore in the previous fiscal year. Furthermore, in April last year, CEO Acharya wrote to employees, stressing the importance of improving productivity, eliminating inefficiencies, and ensuring profitability across all business units.
On the leadership front, Zetwerk witnessed a key executive movement in February this year when electronics business head Josh Foulger, previously a senior executive at Foxconn, exited the company to join rival Dixon Technologies. In comparison, Noida-based Dixon Technologies reported a robust financial performance, with consolidated operating revenue of Rs 38,860 crore and a net profit of Rs 1,233 crore for FY 2024-25. Additionally, the company currently commands a market capitalisation exceeding Rs 60,000 crore.
Zetwerk is entering a critical phase as it prepares for its IPO, balancing growth ambitions with financial discipline. While steady valuation and reduced losses indicate progress, investor caution and rising competition underline the importance of sustained profitability and execution. If the company successfully strengthens its fundamentals, it could emerge as a significant player in India’s manufacturing and B2B marketplace ecosystem post-listing.
