B2B Manufacturing Platform Eyes Listing Amid Improving Financials
Zetwerk has filed draft papers for an initial public offering through the confidential route, according to reports. The company is looking to raise up to ₹4,200 crore (around $450 million) via the proposed issue.
Separately, Zetwerk is also exploring a ₹500 crore pre-IPO funding round at a valuation of nearly $3 billion, signalling strong investor interest ahead of its public market debut.
Business Model and Financial Performance
Founded in 2018, Zetwerk operates a contract manufacturing platform serving industries such as consumer electronics, aerospace, and industrials across global markets. The company connects buyers with a network of manufacturing partners, enabling large-scale production and supply chain efficiency.
On the financial front, Zetwerk reported an 11% decline in gross revenue to ₹12,798 crore in FY25 from ₹14,443 crore in FY24. However, it significantly reduced its losses by 60% to ₹371 crore in FY25, compared to ₹918 crore in the previous fiscal year, indicating improving operational efficiency.
Competitive Landscape and IPO Momentum
Zetwerk has raised around $889 million to date, backed by investors including Greenoaks, Peak XV Partners, Lightspeed Venture Partners, and Accel.
The IPO move comes amid rising activity in the B2B commerce and manufacturing space. Competitor Infra.Market has already filed confidential IPO papers for a ₹5,000 crore issue, while OfBusiness is also planning a large public offering.
Zetwerk’s filing signals growing momentum in India’s new-age B2B unicorns tapping public markets.
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