Results · Enterprise Software & IT

Zetwerk reports FY25 revenue decline with narrowed losses

By Startup Enthusiast · 12 January 2026

What they do

Zetwerk is a technology-led B2B platform connecting buyers with global manufacturing suppliers

FY25 gross revenue fell to Rs 12,798 Cr while the net loss narrowed significantly by 60%

The company expects to file a draft prospectus this year via a confidential route for a $750M IPO

Zetwerk reported gross revenue of Rs 12,798 Cr for FY25, down from Rs 14,443 Cr in FY24.
The company posted a net loss of Rs 371 Cr, which is a significant improvement from Rs 918 Cr in FY24.
EBITDA turned positive at Rs 145 Cr, indicating better operational efficiency compared to previous years.
Total expenses decreased by 12% to Rs 13,196 Cr, driven largely by a reduction in material costs.
Cash and bank balances increased to Rs 1,908 Cr, up from Rs 1,150 Cr in the previous fiscal year.
The company aims to go public by filing a draft prospectus for a $750M IPO within the next 12-24 months.
This upcoming listing will utilize the confidential route, allowing private companies to file drafts without immediate public disclosure.
Zetwerk has raised a total of $889M in funding from investors including Greenoaks and Peak XV Partners.

The narrowing loss suggests improved cost management despite a drop in overall trading revenue.
Positive EBITDA marks a key milestone towards profitability for the asset-light manufacturing platform.
The planned IPO indicates confidence in the business model after raising nearly $900M in private capital.

Zetwerk operates as a B2B manufacturing and construction marketplace using an asset-light model.
It serves sectors like utilities, renewables, consumer electronics, AI infrastructure, and aerospace.
The platform connects 1,802 customers with over 6,979 third-party suppliers across 26 countries.
Revenue comes from trading services (58%), manufacturing services (up 33.5%), and construction contracts.
It owns 26 manufacturing facilities across four countries to support its supply chain orchestration.
The proprietary Zetwerk OS handles design, supplier matching, pricing, production, and quality assurance.
Key verticals include Energy Components, Electronics Assembly, Aerospace & Defence, and Capital Goods.
The company optimizes underutilized global capacity through its tech-enabled supply chain solutions.
Major clients include 98 of India’s Fortune 500 companies among its customer base.

Zetwerk expects to file a draft prospectus for its $750M IPO this year.
The company targets a public listing within 12-24 months from April last year.
The IPO filing will proceed via the confidential route to maintain privacy during preparation.

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