IPO · Professional & Local Services

Zetwerk files confidentially for ₹4,200 crore IPO

By Startup Enthusiast · 30 March 2026

What they do

Zetwerk is a contract manufacturing platform that connects businesses with suppliers for customised components

It has filed draft papers confidentially for an IPO targeting about ₹4,200 crore ($450 million) at a $4 billion valuation

The company aims to exceed $2 billion in revenue soon, driven by AI and data centre infrastructure demand

Zetwerk has submitted draft documents privately for an initial public offering (IPO).
The IPO aims to raise about ₹4,200 crore ($450 million).
The proposed listing valuation is roughly $4 billion.
The company was founded in 2018.
It operates as a contract manufacturing platform linking businesses with suppliers.
It manages engineering, production and delivery of customised components.
Its operations span consumer electronics, aerospace and industrial manufacturing.
Capabilities include producing laptops, wearable devices and printed circuit boards.

The IPO comes amid broader volatility in global markets and geopolitical tensions.
Zetwerk has raised about $889 million to date from investors including Greenoaks, Peak XV Partners, Lightspeed Venture Partners and Accel.
Gross revenue in FY2025 was ₹12,798 crore, down from ₹14,443 crore the previous year.
Losses in FY2025 narrowed to ₹371 crore from ₹918 crore the previous year.
The company targets more than $2 billion in revenue in the near term, driven by AI and data centre infrastructure demand.

Zetwerk is a contract manufacturing platform that links businesses with suppliers.
It manages the entire process from engineering to production and delivery of customised components.
Its operations cover consumer electronics, aerospace and industrial manufacturing.
It can produce items such as laptops, wearable devices and printed circuit boards.
It reported gross revenue of ₹12,798 crore in FY2025.
It reported losses of ₹371 crore in FY2025, narrowed from the previous year.
The company has raised about $889 million in total funding to date.

Zetwerk targets more than $2 billion in revenue in the near term.
This growth is driven by demand linked to AI and data centre infrastructure expansion.

Greenoaks (existing) — A venture capital firm that has invested in Zetwerk.
Peak XV Partners (existing) — A venture capital firm that has invested in Zetwerk.
Lightspeed Venture Partners (existing) — A venture capital firm that has invested in Zetwerk.
Accel (existing) — A venture capital firm that has invested in Zetwerk.

Product: B2B manufacturing startup
Customers: Manufacturers and enterprise buyers needing outsourced production
How it makes money: B2B contract manufacturing and manufacturing services fees
What sets it apart: Full-stack manufacturing platform across multiple sectors and geographies
Operations: Caters to industrial components, electronics, renewable energy equipment and consumer hardware