Zetwerk is preparing to confidentially file IPO papers to raise up to $550 million at a $4 billion valuation, including fresh equity and OFS. Led by Amrit Acharya, the move comes amid senior exits. Here’s a look at its IPO plans.

Zetwerk IPO: Size, valuation, timeline and other details we know so far

Synopsis

Zetwerk is preparing to confidentially file IPO papers to raise up to $550 million at a $4 billion valuation, including fresh equity and OFS. Led by Amrit Acharya, the move comes amid senior exits. Here’s a look at its IPO plans.

Manufacturing unicorn Zetwerk is getting ready to confidentially file its draft papers for an initial public offering (IPO) within the next one to two weeks.

Here’s what we know about the IPO so far:

IPO size: Zetwerk is likely to raise upto $550 million.

Equity and offer for sale (OFS): Around $300 million will come from fresh equity, with the rest through an OFS.

Expected valuation: Around $4 billion.

Timeline: In April last year, CEO and cofounder Amrit Acharya had told employees that the company was exploring a listing within 12 to 24 months.

Bankers: Kotak is the lead banker, along with Morgan Stanley, Goldman Sachs, Pantomath Capital Advisors, JM Financial and HSBC.

This move comes at a time when Zetwerk has seen some senior exits. Business head Josh Foulger stepped down last month, marking the second major departure this year. He left within two years of joining. Earlier, in January, chief marketing officer Amrit Raj resigned and moved to venture capital firm Jungle Ventures.

The company’s listing plans have been in discussion for some time. In February last year, sources indicated that Zetwerk was keen to go public in calendar year 2025, though that timeline did not materialise.

Meanwhile, ET reported in January that several new-age companies in India, including PhonePe, Zepto, Oyo, Boat, Infra.Market and Shadowfax, are collectively looking to raise nearly Rs 50,000 crore from public markets through a mix of fresh issues and OFS.

Zetwerk last raised close to $90 million in late 2024 in a funding round led by Khosla Ventures, IndiGo co-founder Rakesh Gangwal and Baillie Gifford. This round valued the company at around $3.1 billion.

Founded in 2018 by IIT alumni Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk connects industrial and consumer businesses with a global network of small manufacturers. It also operates more than 10 factories across India, the US and Europe.

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