Zetwerk Receives SEBI Approval for IPO, Eyes Public Market Debut

Manufacturing technology company Zetwerk has received the Securities and Exchange Board of India’s (SEBI) approval to proceed with its proposed initial public offering (IPO), clearing a key regulatory milestone for its stock market debut. The Bengaluru-based company is expected to be among the largest new-age manufacturing startups to go public in India.

The proposed public issue will comprise a combination of a fresh issue of equity shares and an Offer for Sale (OFS) by existing shareholders. While the final issue size will be determined through the book-building process, media reports indicate the company is targeting a fundraise of up to ₹4,200 crore.

Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma, Vishal Chaudhary, and Ankit Fatehpuria, Zetwerk operates a technology-enabled manufacturing platform that connects industrial buyers with a vast network of suppliers and manufacturing facilities. The company serves sectors including energy, electronics, defence, aerospace, renewables, industrials, capital goods, and consumer products through its proprietary software platform, Zetwerk OS.

Zetwerk OS manages sourcing, production planning, supplier coordination, quality control, and project execution across the company’s manufacturing ecosystem. Since its inception, the company has evolved from an asset-light manufacturing marketplace into a hybrid manufacturing business by establishing more than 20 owned production facilities while continuing to leverage a global supplier network of over 5,400 manufacturing partners. Today, the company serves more than 1,100 customers across 19 countries, offering end-to-end manufacturing and supply chain solutions.

The company has benefited from increasing global demand for supply chain diversification, rising investments in infrastructure and data centres, the global energy transition, and India’s manufacturing-led growth strategy. Earlier this year, Union Minister Ashwini Vaishnaw inaugurated Zetwerk’s ₹100 crore defence electronics manufacturing facility in Devanahalli, Bengaluru, which is expected to strengthen India’s capabilities in defence electronics, aerospace systems, and IT hardware manufacturing.

Backed by investors including Khosla Ventures, Accel, Peak XV Partners, Lightspeed, Baillie Gifford, Rakesh Gangwal, and GreenOak Capital, Zetwerk has emerged as one of India’s largest manufacturing technology companies and a key beneficiary of the country’s growing role as a global manufacturing hub. The IPO is expected to provide liquidity to existing investors while supporting the company’s next phase of growth.