IPO · Enterprise Software & IT

Zetwerk files $450 million IPO papers

By Startup Enthusiast · 15 June 2026

What they do

CRISIL assigned 'A-/Negative' rating to proposed ₹500 Cr NCD issue and reaffirmed same on existing debt

The negative outlook reflects risks from ongoing exit from civil infrastructure EPC business segment

Zetwerk filed draft IPO papers for $450 Mn via confidential route in March 2026

Zetwerk has filed draft IPO papers for a $450 Mn offering through the confidential route.
The proposed public issue includes a fresh issue of approximately $300 Mn and an offer for sale of $150 Mn.
CRISIL assigned an 'A-/Negative' rating to a proposed ₹500 Cr NCD issue on June 15, 2026.
The negative outlook reflects risks associated with the ongoing exit from the civil infrastructure EPC business segment.
Management plans to maintain unencumbered cash reserves above ₹800 Cr on a sustained basis.
Zetwerk appointed Mahindra Capital, JM Financial, Avendus Capital, and units of HSBC, Morgan Stanley, and Goldman Sachs as book runners.
The company is eyeing a $50-60 Mn pre-IPO funding round ahead of its listing.
Total raised to date exceeds $700 Mn from investors including Peak XV Partners, Lightspeed, and Mars Growth Capital.

Zetwerk attained unicorn status in 2021 after raising $150 Mn in a funding round.
The company serves 98 of India's Fortune 500 companies among its customer base.
Zetwerk operates 26 owned manufacturing facilities across four countries and supports 6,979 third-party suppliers.
FY26 operating revenue is estimated at ₹15,900 Cr, representing 24% year-on-year growth.
The order book stands at over ₹12,000 Cr as of March 2026 for execution over 12-18 months.

Zetwerk operates as a full-stack manufacturing platform serving industrials, electronics, renewable energy, and consumer products.
It manages the entire manufacturing value chain including sourcing, production, quality control, logistics, and fulfilment.
The company utilizes a proprietary digital backbone called Zetwerk OS to orchestrate manufacturing programs globally.
Six key verticals include Energy, Electronics Assembly, Aerospace & Defence, Commodities, Capital Goods, and Precision Manufacturing.
Zetwerk delivers diversified industrial products across utilities, renewables, AI infrastructure, space, defence, oil, gas, and aerospace.
As of March 2026, it served 1,802 customers supported by 6,979 third-party suppliers across 26 countries.
The company maintains 26 owned manufacturing facilities located across four different countries.
Zetwerk has acquired nine firms including joint ventures and plans continued inorganic growth strategies.
Technology-led operations allow it to deliver precision manufacturing solutions to a diverse global client base.

Zetwerk aims to complete its $450 Mn IPO listing after filing draft papers.
The company seeks a $50-60 Mn pre-IPO funding round before going public.
Management intends to exit the civil infrastructure EPC business segment entirely.
Zetwerk plans continued inorganic growth through strategic acquisitions of firms and joint ventures.

Peak XV Partners (existing) — Investor in Zetwerk since early stages.
Lightspeed (existing) — Venture capital firm supporting Zetwerk's growth.
Mars Growth Capital (existing) — Investor participating in Zetwerk's funding rounds.

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