Zetwerk To File DRHP Within Two Weeks For $550 Mn IPO
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B2B manufacturing startup Zetwerk is reportedly looking to raise up to $550 Mn via its initial public offering (IPO) at a likely valuation of nearly $4 Bn.
Sources told Reuters that the company’s public issue will comprise a fresh issue of shares worth nearly $300 Mn, with the offer-for-sale (OFS) component accounting for the remaining.
As per the report, the startup will likely file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in the next one to two weeks. With this, the B2B manufacturing giant is eyeing a listing later this year.
The company has reportedly already roped in Kotak Mahindra Capital, JM Financial, Avendus Capital, and the Indian units of HSBC, Morgan Stanley, and Goldman Sachs as bankers to helm its IPO.
Notably, this is not the startup’s first attempt at an IPO. In February last year, the unicorn began lining up bankers for a $500 Mn IPO at a likely valuation of nearly $5 Bn. The company later shelved the plans and hinted at a 2027 listing.
By November 2025, Zetwerk reversed its course again and appointed six bankers for its listing on the Indian bourses.
Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Vishal Chaudhary and Rahul Sharma, Zetwerk is a full-stack manufacturing company that makes industrial components, electronics, renewable energy equipment and consumer hardware. It also manages procurement, quality checks, logistics and delivery for its clients.
The company claims to operate more than 100 production facilities across India, the US, Germany, Spain, Vietnam and Mexico. It has so far raised over $870 Mn from names like Greenoaks, Accel, Lightspeed India, Baillie Gifford, Khosla Ventures, and Avenir Growth.
The IPO bid comes at a time when the company is locked in a legal dispute in the US with its former executive Anirudh Reddy Edla and his company Ayr Energy. In its plea, Zetwek has alleged that Ayr secured more than $250 Mn in orders within months of its inception using information taken from Zetwerk’s internal systems.
Alleging misuse of trade secrets, breach of fiduciary duty and unfair competition, Zetwerk claims that Ayr Energy caused it losses worth nearly $77 Mn in customer contracts. Ayr Energy operates in the same market and competes directly with Zetwerk’s renewables and infrastructure business.
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