The B2B manufacturing giant Zetwerk appears to have delayed its ambitions for a public listing, a month after it was announced that it had chosen bankers for its IPO.
Amrit Acharya, the CEO and cofounder of Zetwerk, stated in a Reuters report that the company is now planning to go public in the next 15 to 24 months. This essentially indicates that the B2B manufacturing major has changed its strategy to go public on the stock exchanges by 2027.
While outlining the new IPO schedule, Acharya stated that the startup still has "room" to make investments in its electronics division. "International businesses are shifting their manufacturing to India. This is happening right now, and it will most likely happen once in our lifetimes," he stated.
India will be a long-term investment for any global supply chain, according to Josh Foulger, president of electronics at Zetwerk.
Axis Capital, Goldman Sachs Group, and Kotak Mahindra Bank were named as the bankers to lead the Peak XV Partners-backed B2B marketplace's possible initial public offering (IPO) in late 2024, according to a report released a month earlier.
At a valuation of around $5 billion, Zetwerk was reportedly seeking to raise $400 million to $500 million through the IPO.
At a time when the Indian stock market is going through a significant slump, the unicorn based in Bengaluru seems to have delayed its preparations for an initial public offering.
In the meantime, Zetwerk today opened a new electronics component manufacturing facility in Chennai. The plant will manufacture control boards for air conditioners, washing machines, refrigerators, and IT hardware.
This comes after the startup said last year that it will strengthen its electronic manufacturing services (EMS) by investing Rs. 1,000 Crore. To support its EMS business, it announced three important appointments in January of this year.
Zetwork, which provides manufacturing services to companies, was founded in 2018 by Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary. It serves a variety of industries, including consumer products, electronics, solar, automotive, construction, aerospace, and defense.
The unicorn raised Rs. 43 Crore in a round co-led by Arc Investments and Oriental Biotech Limited, according to an exclusive story published by Inc42 in March 2025. At a valuation of about $3.1 billion, it received $90 million from many investors last year.
Union Minister for Electronics and Information Technology, Ashwini Vaishnaw says, “Two major Electronics Manufacturing Clusters, with an approved cost of Rs. 1,012 crore, will be developed at Pillai Pakkam and Manallur. Tamil Nadu is a key beneficiary, with the railway budget now exceeding Rs. 6,000 crore, fueling growth and infrastructure. As Zetwerk launches its seventh factory, we reaffirm our commitment to supporting Indian companies in becoming global leaders”.
