IPO · Enterprise Software & IT

Zetwerk files IPO papers with Sebi

By Startup Enthusiast · 14 August 2026

What they do

Zetwerk is a technology-led, asset-light manufacturing platform for industrial and consumer goods

It filed a draft red herring prospectus for an IPO of up to ₹2,600 crore through a fresh issue and an offer for sale

The company turned adjusted profitable in FY26 with revenue of ₹15,913 crore, up 40% from the previous year

Zetwerk filed its draft red herring prospectus with the Securities and Exchange Board of India on August 14, 2026 for an initial public offering.
The IPO includes a fresh issue of up to ₹2,600 crore and an offer for sale of up to 9.68 crore shares by existing shareholders.
The company may also raise up to ₹520 crore through a pre-IPO placement, which would reduce the size of the fresh issue.
Proceeds from the fresh issue will be used to repay ₹1,250 crore of company debt and ₹550 crore of subsidiary debt, with the remainder for acquisitions and general corporate purposes.
Selling shareholders in the OFS include founders Amrit Pratik Acharya and Srinath Ramakkrushnan, promoter entity Creovate Innovation, and investors Peak XV Partners, Accel India, Lightspeed Venture Partners, and Kae Capital.
Zetwerk discontinued its Civil Infrastructure Works segment after board and shareholder approvals in early 2026.
The company faces a legal dispute with Ayr Energy in Texas over trade-secret misappropriation; Ayr has counterclaimed for at least $1 billion and filed an ITC complaint seeking export restrictions on transformer products.

Zetwerk's IPO filing comes amid a broader push by India's B2B commerce startups to tap public markets, with peers like Infra.Market and OfBusiness also pursuing public listings.
The company turned adjusted profitable in FY26, reporting a positive adjusted profit before tax of ₹45.7 crore compared to a loss of ₹149.2 crore in FY25.
Revenue from continuing operations grew 40% to ₹15,913 crore in FY26, driven by a 50% jump in its manufacturing business.
The manufacturing order book stood at ₹12,370 crore as of March 2026, up 43% from the previous year.

Zetwerk is a technology-led, asset-light manufacturing platform that connects customers with suppliers for industrial and consumer goods.
It operates through two segments: Manufacturing Business and Ecosystem Business (Terra91).
Customers span utilities, renewables, consumer electronics, AI infrastructure, aerospace, space & defence, oil & gas, and industrial automation.
As of March 2026, Zetwerk had 1,802 customers, 6,979 third-party suppliers across 26 countries, and 26 owned manufacturing facilities across 4 countries.
Its proprietary Zetwerk OS orchestrates manufacturing across suppliers.
Repeat customers contributed 80.15% of manufacturing revenue in FY26, with a net revenue retention of 120%.
Cumulative gross merchandise value delivered stood at ₹69,588 crore.

Zetwerk will use IPO proceeds to repay debt and fund acquisitions and general corporate purposes.
The company may also raise up to ₹520 crore through a pre-IPO placement.

Peak XV Partners (seller) — Existing investor selling shares in the OFS.
Accel India (seller) — Existing investor selling shares in the OFS.
Lightspeed Venture Partners (seller) — Existing investor selling shares in the OFS.
Kae Capital (seller) — Existing investor selling shares in the OFS.
Khosla Ventures (existing) — Existing investor in Zetwerk.
Baillie Gifford (existing) — Existing investor in Zetwerk.
Rakesh Gangwal (existing) — Existing investor 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